Silver continue to move within the fall and the downtrend 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 rise in the value of the metal and a test of the resistance level near the area of 23.85. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 21.85.
XAG/USD Forecast Silver and Analysis August 19, 2021
An additional signal in favor of a fall in 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 decline will be a rebound from the lower boundary of the Wedge pattern. Cancellation of the option to reduce Silver prices on August 19, 2021 will be a strong growth and a breakdown of 24.55. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 25.75. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 22.95.
XAG/USD Forecast Silver and Analysis August 19, 2021 imply an attempt to test the resistance area near the 23.85 level. Further, the continuation of the fall in quotations with a target below the level of 21.85. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 24.55. 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 25.75.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link