Silver continue to move within the correction and the downward channel. At the time of the publication of the forecast, Silver prices are $ 27.35. Moving averages indicate a bullish trend. Prices have broken the area between the signal lines upwards, which indicates pressure from buyers of the asset and a potential continuation of the asset’s value growth. 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 area of 27.75. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 23.95.
XAG/USD Forecast Silver and Analysis August 18, 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 18, 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 an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 25.85.
XAG/USD Forecast Silver and Analysis August 18, 2020 suggests an attempt to test the resistance area near the level of 27.75. Further, the continuation of the fall in quotations with a target below the level of 23.95. 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.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link