Silver continue to move within the framework of the growth and the ascending channel, here the «Triangle» pattern is forming. At the time of the release of the forecast, Silver prices are at $ 24.24. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, 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 correction in the value of the metal and a test of the support level near the 23.25 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 27.95.
XAG/USD Forecast Silver and Analysis August 4, 2020
An additional signal in favor of the rise in 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 «Triangle» model. Cancellation of the option of rising prices for Silver on August 4, 2020 will be a fall and a breakdown of 21.25. This will indicate a breakdown of the support area and a continued fall to the area below the level of 18.45. Expect an acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 26.05.
XAG/USD Forecast Silver and Analysis August 4, 2020 suggests an attempt to test the support area near the 23.25 level. Further, the continued growth of quotations with a target above the level of 27.95. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.25. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 18.45.
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