Silver continue to move as part of the fall and have left the limits of the bullish channel. At the time of the publication of the forecast, the price of Silver is 20.15. Moving averages indicate a bullish trend. Prices have broken through the areas between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in value already from current levels. At the moment, we should expect an attempt to develop an increase in the value of the metal and a test of the resistance level near the 20.35 area. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 18.35.
XAG/USD Forecast Silver and Analysis August 16, 2022
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 the fall will be a rebound from the lower border of the bullish channel. Cancellation of the option of falling prices for Silver on August 16, 2022 will be a strong growth and a breakdown of 21.45. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 22.65. Expect an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing of the price below the level of 19.05, which will indicate a breakdown of the lower border of the bullish correction channel.
XAG/USD Forecast Silver and Analysis August 16, 2022 suggests an attempt to test the resistance area near the level of 20.35. Further, the continuation of the fall of quotations with the target below the level of 18.35. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 21.45. This will indicate a breakdown of the resistance level. In this case, we should expect the price of Silver to continue rising with the target at 22.65.
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