Silver continue to move within the fall and the descending channel. At the time of the publication of the forecast, Silver prices are at $ 25.84. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in the value of the asset. At the moment, we should expect an attempt to develop the growth in the value of the metal and test the resistance level near the 26.25 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 21.05.
XAG/USD Forecast Silver and Analysis August 13, 2020
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the upper border of the descending channel. Cancellation of the option of falling Silver prices on August 13, 2020 will be a strong growth and a breakdown on 05/28. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 30.45. Expect an acceleration in the fall of XAG/USD quotes with the breakdown of the support area and closing prices below 23.55.
XAG/USD Forecast Silver and Analysis August 13, 2020 suggests an attempt to test the resistance area near the 26.25 level. Further, the continuation of the fall in quotations with a target below the level of 21.05. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 28.05. This will indicate a breakdown of the resistance level. In this case, we should expect the price to continue to rise above the level of 30.45.
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