Silver continue to move within the growth and the ascending channel. At the time of the publication of the forecast, Silver prices are at $ 26.27. Moving averages indicate a bullish trend. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise 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 25.65 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.45.
XAG/USD Forecast Silver and Analysis December 29, 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 December 29, 2020 will be a fall and a breakdown of 24.75. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.25. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 27.85, such a price movement smears on the breakdown of the upper border of the “Triangle” model.
XAG/USD Forecast Silver and Analysis December 29, 2020 suggests an attempt to test the support area near the 25.65 level. Further, the continued growth of quotations with a target above the level of 29.45. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 24.75. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 22.25.
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