Silver continue to move as part of the fall and the beginning of the “Wedge” pattern. At the time of the publication of the forecast, Silver prices are at 25.41. Moving averages indicate a bearish trend. Prices are retesting the area between the signal lines, which indicates pressure from the side sellers of the asset and a potential continuation of the fall in value already from the current levels.At the moment, we should expect an attempt to develop a decline in the value of the metal and a test of the support level near the 24.85 area.
XAG/USD Forecast Silver and Analysis August 5, 2021
An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be the formation of a reversal pattern on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the “Wedge” pattern. Cancellation of the option of falling Silver prices on August 5, 2021 will be a strong growth and a breakdown of 05.24. This will indicate a breakdown of the support area and a continued fall to the area below the level of 21.35. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 26.25.
XAG/USD Forecast Silver and Analysis August 5, 2021 suggests an attempt to test the support area near 24.85. Further, the continuation of the rise in quotations with a target above the level of 27.45. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 24.05. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 21.35.
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