Silver continue to move as part of the fall and the beginning of the ”Head and Shoulders” pattern. At the time of the forecast release, Silver prices are at 25.36. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines downward, 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 a correction in the value of the metal and a test of the support level near the 25.75 area. Where can we expect a rebound and a continued decline in the price of Silver with a target below the level of 23.85.
XAG/USD Forecast Silver and Analysis July 20, 2021
An additional signal in favor of reducing quotes and prices for XAG/USD Silver will be a test of the resistance 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 descending channel. Cancellation of the option of falling Silver prices on July 20, 2021 will be a strong growth and a breakdown of 26.45. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 28.45. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 24.85.
XAG/USD Forecast Silver and Analysis July 20, 2021 imply an attempt to test the resistance area near the level of 25.75. Further, the continuation of the fall in quotations with a target below the level of 23.85. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 26.45. 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 28.45.
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