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 $ 26.84. Moving averages indicate a bullish 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 area of 27.45. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 22.55.
XAG/USD Forecast Silver and Analysis August 28, 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 28, 2020 will be a strong growth and a breakdown at 29.15. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 32.15. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of prices below the level of 24.55, which will indicate the beginning of the development of the «Triangle» model.
XAG/USD Forecast Silver and Analysis August 28, 2020 suggests an attempt to test the resistance area near the level of 27.45. Further, the continuation of the fall in quotations with a target below the level of 22.55. Cancellation of the option to reduce the price of Silver will be strong growth and a breakdown of the level of 29.15. 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 32.15.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link