Silver continue to move within the fall and the downtrend channel. At the time of the forecast release, Silver prices are at 22.27. 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 the growth in the value of the metal and test the resistance level near the 22.45 area. Where can we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 20.75.
XAG/USD Forecast Silver and Analysis December 8, 2021
An additional signal in favor of reducing 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 the fall will be a rebound from the upper border of the ”Triangle” pattern. Cancellation of the option of falling Silver prices on December 8, 2021 will be a strong growth and a breakdown of 23.05. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 24.35. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 21.65, which will indicate a breakdown of the lower border of the ”Triangle” model.
XAG/USD Forecast Silver and Analysis December 8, 2021 suggests an attempt to test the resistance area near the 22.45 level. Further, the continuation of the fall in quotations with a target below the level of 20.75. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 23.05. This will indicate a breakdown of the resistance level. In this case, we should expect the price to continue to rise above the level of 24.35.
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