Silver continue to move within the correction and the downward channel. At the time of the forecast publication, Silver prices are at $ 24.30. Moving averages indicate a bearish trend. Prices have broken up the area between the signal lines, which indicates pressure from the buyers of the asset and a potential continuation of the rise in value already 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 23.55 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 27.75.
XAG/USD Forecast Silver and Analysis December 16, 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 upper border of the descending channel. Cancellation of the option of rising prices for Silver on December 16, 2020 will be a fall and a breakdown at 21.45. 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 rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 25.95.
XAG/USD Forecast Silver and Analysis December 16, 2020 suggests an attempt to test the support area near the 23.55 level. Further, the continued growth of quotations with a target above the level of 27.75. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.45. 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.
