Silver continue to move within the correction and the upward channel. At the time of the publication of the forecast, Silver prices are at $ 27.07. Moving averages indicate a sideways trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall 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 26.95 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 30.35.
XAG/USD Forecast Silver and Analysis August 21, 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 ascending channel. Cancellation of the option to raise Silver prices on August 21, 2020 will be a fall and a breakdown of 25.95. This will indicate a breakdown of the support area and a continued rise to the area below the level of 23.55. Expect acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 28.35.
XAG/USD Forecast Silver and Analysis August 21, 2020 suggests an attempt to test the support area near the level of 26.95. Further, the continued growth of quotations with a target above the level of 30.35. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 25.95. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 23.55.
