Silver continue to move within the fall and the bullish channel. At the time of the forecast release, Silver prices are at 21.76. Moving averages indicate a bearish trend. Prices went down from 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 decrease in the value of the metal and a test of the support level near the 21.55 area. Where can we expect a rebound upward and the continuation of the rise in the price of Silver with a target above the level of 23.45.
XAG/USD Forecast Silver and Analysis December 16, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish Shark pattern. Cancellation of the option to raise Silver prices on December 16, 2021 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 20.25. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 22.35, which will indicate a breakdown of the upper border of the correction channel.
XAG/USD Forecast Silver and Analysis December 16, 2021 suggests an attempt to test the support area near the 21.55 level. Further, the continued growth of quotations with a target above the level of 23.45. 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 20.25.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
