Silver continue to move within a slight correction and a downward channel. At the time of the forecast release, Silver prices are at 23.49. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a rise in the value of the metal and a test of the resistance level near the area of 24.25. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 20.65.
XAG/USD Forecast Silver and Analysis August 30, 2021
An additional signal in favor of a fall in quotes and prices for XAG/USD Silver will be a test of the trend 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 descending channel. Cancellation of the option of falling Silver prices on August 27, 2021 will be a strong growth and a breakdown of 25.55. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 27.15. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing of the price below the level of 22.55, as we can see, while the bears cannot break through this level.
XAG/USD Forecast Silver and Analysis August 30, 2021 suggests an attempt to test the resistance area near the 24.25 level. Further, the continuation of the fall in quotations with a target below the level of 20.65. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 25.55. 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 27.15.
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