Silver continue to move as part of the growth and upward channel. At the time of the publication of the forecast, the price of Silver is 18.24 Dollars. Moving averages indicate a bullish trend. Prices pushed from the area between the signal lines, indicating pressure from buyers of the asset and the potential continuation of the growth in the value of the asset. At the moment, we should expect an attempt to develop a correction of the metal value and a test of the support level near the area of 17.95. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 19.65.
XAG/USD Forecast Silver and Analysis July 8, 2020
An additional signal in favor of the rise in quotes and prices for Silver XAG/USD 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 boundary of the ascending channel. Cancellation of the option of rising prices for Silver July 8, 2020 will be a fall and a breakdown of 17.55. This will indicate a breakdown of the support area and continued decline to the area below the level of 16.65. Expect acceleration of the growth of XAG/USD quotes with the breakdown of the resistance area and the closing of prices above 18.65, which will indicate a breakdown of the upper boundary of the «Triangle» model.
XAG/USD Forecast Silver and Analysis July 8, 2020 suggests an attempt to test the support area near the level of 17.95. Further, the continued growth of quotations with a target above the level of 19.65. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 17.55. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link