Silver continue to move as part of the correction and the formation of the next «Wedge» model. At the time of the publication of the forecast, the price of Silver is 17.76 Dollars. Moving averages indicate a bullish trend. Prices push from the area between the signal lines, which indicates pressure from the buyers of the asset. At the moment, we should expect an attempt to develop a slight decrease in the cost of metal and a test of the support level near the area of 17.25. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 18.95.
XAG/USD Forecast Silver and Analysis February 7, 2020
An additional signal in favor of the growth of quotations and prices for XAG/USD Silver will be a test of the support area on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the «Wedge» model. Cancellation of the option of rising Silver prices on February 7, 2020 will be a fall and a breakdown of 16.85. This will indicate a breakdown of the support area and continued decline to the area below the level of 16.15. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and closing above the level of 18.05, which will indicate a way out of the model.
XAG/USD Forecast Silver and Analysis February 7, 2020 suggests an attempt to test the support area near the level of 17.25. Further, the continued growth of quotations with the target above the level of 18.95. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 16.85. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.15.
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