XAG/USD Forecast Silver and Analysis August 21, 2020



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

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.


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