Silver continue to move within the correction and the downward channel. At the time of the forecast release, Silver prices are at $ 24.08. Moving averages indicate a bearish trend. Prices are testing 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 fall in the value of the metal and a test of the support level near the 23.45 area. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 28.05.
XAG/USD Forecast Silver and Analysis December 10, 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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option to raise Silver prices on December 10, 2020 will be a fall and a breakdown at 21.55. This will indicate a breakdown of the support area and a continued fall to the area below the level of 19.45. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 25.55.
XAG/USD Forecast Silver and Analysis December 10, 2020 suggests an attempt to test the support area near the 23.45 level. Further, the continuation of the rise in quotations with a target above the level of 28.05. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 21.55. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 19.45.
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