Silver continue to move within the correction and the downward channel. At the time of the forecast release, Silver prices are at 23.44. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the 22.85 area. Where can we expect a rebound and a continued rise in the price of Silver with a target above the level of 24.95.
XAG/USD Forecast Silver and Analysis August 17, 2021
An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of a rise will be a rebound from the support area on the price chart. Cancellation of the option to reduce Silver prices on August 17, 2021 will be a fall and a breakdown of 21.85. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.15. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 24.05.
XAG/USD Forecast Silver and Analysis August 17, 2021 suggests an attempt to test the support area near the 22.85 level. Further, the continued growth of quotations with a target above the level of 24.95. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.85. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.15.
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