Silver continue to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. At the time of the release of the forecast, Silver prices are at $ 23.62. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth 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 22.65 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 27.95.
XAG/USD Forecast Silver and Analysis December 8, 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 the completion of the reversal pattern formation. Cancellation of the option to raise Silver prices on December 8, 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 prices above the level of 24.95.
XAG/USD Forecast Silver and Analysis December 8, 2020 suggests an attempt to test the support area near 22.65. Further, the continuation of the rise in quotations with a target above the level of 27.85. Cancellation of the option of rising prices for Silver 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.
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