Silver continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the forecast release, Silver prices are at 26.24. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in value already from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the 25.85 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 28.45.
XAG/USD Forecast Silver and Analysis July 16, 2021
An additional signal in favor of the growth of 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 breakdown of the upper border of the “Triangle” model. Cancellation of the option to raise Silver prices on July 16, 2021 will be a fall and a breakdown of 25.25. This will indicate a breakdown of the support area and a continued decline to the area below the level of 23.45. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 27.35, which will indicate a breakdown of the upper border of the “Triangle” model.
XAG/USD Forecast Silver and Analysis July 16, 2021 suggests an attempt to test the support area near the 25.85 level. Further, the continued growth of quotations with a target above the level of 28.45. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 25.25. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 23.45.
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