Silver continue to move within the fall and the downtrend channel. At the time of this forecast, Silver prices are at 23.35. 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 23.65 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 22.15.
XAG/USD Forecast Silver and Analysis August 20, 2021
An additional signal in favor of falling 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 20, 2021 will be a strong growth and a breakdown of 24.35. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 25.45. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 22.75.
XAG/USD Forecast Silver and Analysis August 20, 2021 imply an attempt to test the resistance area near the 23.65 level. Further, the continuation of the fall in quotations with a target below the level of 22.15. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 24.35. 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 25.45.
