Silver continue to move within the correction and the downward channel. At the time of the forecast release, Silver prices are at 26.23. Moving averages indicate a bearish trend. Prices are again testing 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 a correction in the value of the metal and a test of the resistance level near the 26.55 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 24.55.
XAG/USD Forecast Silver and Analysis July 7, 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 to reduce Silver prices on July 7, 2021 will be a strong growth and a breakdown of 27.55. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 31.55. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 25.05.
XAG/USD Forecast Silver and Analysis July 7, 2021 imply an attempt to test the resistance area near the 26.55 level. Further, the continuation of the fall in quotations with a target below the level of 24.55. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 27.55. 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 31.55.
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