Silver continue to move within the growth and the ascending channel. At the time of the forecast release, Silver prices are at USD 28.04. 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 27.15 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 30.85.
XAG/USD Forecast Silver and Analysis August 7, 2020
An additional signal in favor of raising 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 ascending channel. Cancellation of the option of rising Silver prices on August 7, 2020 will be a fall and a breakdown of 25.85. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.55. Expect an acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 29.05.
XAG/USD Forecast Silver and Analysis August 7, 2020 suggests an attempt to test the support area near the 27.15 level. Further, the continued growth of quotations with a target above the level of 30.85. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 25.85. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 22.55.
