Silver continue to move within the correction and the upward channel. At the time of this forecast, Silver prices are at $ 27.30. Moving averages indicate a bullish trend. Prices are testing the areas between the signal lines, which indicates pressure from buyers of the asset and a potential continued growth in the value of the asset. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the 26.85 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 30.95.
XAG/USD Forecast Silver and Analysis August 20, 2020
An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the upward channel. Cancellation of the option to raise Silver prices on August 20, 2020 will be a fall and a breakdown of 25.65. This will indicate a breakdown of the support area and a continued rise to the area below the level of 23.25. Expect an acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 29.15.
XAG/USD Forecast Silver and Analysis August 20, 2020 suggests an attempt to test the support area near the level of 26.85. Further, the continued growth of quotations with a target above the level of 30.95. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 25.65. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 23.25.
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