Silver continue to move as part of the correction and the formation of an inverted “Head and Shoulders” pattern. At the time of the forecast publication, Silver prices are at $ 27.72. Moving averages indicate a bullish trend. Prices went up from 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 26.55 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 30.25.
XAG/USD Forecast Silver and Analysis February 23, 2021
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 “Head and Shoulders” reversal pattern. Cancellation of the option of rising prices for Silver on February 23, 2021 will be a fall and a breakdown of 25.45. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.75. 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 28.65, which will indicate a breakdown of the upper border of the “Head and Shoulders” model.
XAG/USD Forecast Silver and Analysis February 23, 2021 suggests an attempt to test the support area near the 26.55 level. Further, the continued growth of quotations with a target above the level of 30.25. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 25.45. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 22.75.
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