Silver continue to move within the correction and the bullish channel. At the time of publication of the forecast, Silver prices are at 22.35. 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 21.65 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 23.55.
XAG/USD Forecast Silver and Analysis December 17, 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 boundary of the bullish Head and Shoulders pattern. Cancellation of the option to raise Silver prices on December 17, 2021 will be a fall and a breakdown at 21.25. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.05. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 22.75, which will indicate a breakdown of the upper border of the reversal pattern.
XAG/USD Forecast Silver and Analysis December 17, 2021 suggests an attempt to test the support area near the 21.65 level. Further, the continued growth of quotations with a target above the level of 23.55. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.25. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.05.
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