Silver continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, Silver prices are at $ 27.20. Moving averages indicate a sideways trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the asset’s value growth. At the moment, we should expect an attempt to develop a bullish correction in the value of the metal and a test of the resistance level near the 27.75 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 27, 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 upper border of the «Triangle» pattern. Cancellation of the option of falling Silver prices on August 27, 2020 will be a strong growth and a breakdown of 28.95. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 32.05. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 24.65.
XAG/USD Forecast Silver and Analysis August 27, 2020 suggests an attempt to test the resistance area near the 27.75 level. Further, the continuation of the fall in quotations with a target below the level of 23.25. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 28.95. 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 32.05.
