Silver continue to move as part of the correction and the beginning of the «Head and Shoulders» pattern. At the time of the publication of the forecast, Silver prices are at $ 26.44. Moving averages indicate a bullish 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 resistance level near the 27.05 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 23.25.
XAG/USD Forecast Silver and Analysis August 25, 2020
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the lower border of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling Silver prices on August 25, 2020 will be a strong growth and a breakdown on 05/29. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 31.55. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 25.35.
XAG/USD Forecast Silver and Analysis August 25, 2020 suggests an attempt to test the resistance area near the 27.05 level. Further, the continuation of the fall in quotations with a target below the level of 23.25. Cancellation of the option to reduce the price of Silver will be a strong growth and a breakdown of the level of 29.05. 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 31.55.
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