Silver continue to move as part of the correction and the formation of a reversal pattern. At the time of the publication of the forecast, Silver prices are at $27.19. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth 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 a test of the resistance level near the area of $27.55. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of $20.65.
XAG/USD Forecast Silver and Analysis August 14, 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 lower border of the ascending channel. Cancellation of the option of falling Silver prices on August 14, 2020 will be a strong growth and a breakdown of $29.65. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of $32.55. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing prices below $23.35.
XAG/USD Forecast Silver and Analysis August 14, 2020 suggests an attempt to test the resistance area near the $27.55 level. Further, the continuation of the fall in quotations with a target below the level of $20.65. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of $29.65. 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 $32.55.
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