Silver continue to move within the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Silver is 27.93. Dollars. Moving averages indicate the presence of a bullish trend. Prices are retesting the area between the signal lines, indicating pressure from Buyers of the asset and the potential continuation of growth 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 27.45 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.55.
XAG/USD Forecast Silver and Analysis June 1, 2021
An additional signal in favor of raising 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 a rebound from the lower border of the “Triangle” pattern. Cancellation of the option to raise Silver prices on June 1, 2021 will be a fall and a breakdown of 26.75. This will indicate a breakdown of the support area and a continued fall to the area below the level of 23.75. 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 28.55, which will indicate a breakdown of the upper border of the “Triangle” model.
XAG/USD Forecast Silver and Analysis June 1, 2021 suggests an attempt to test the support area near the 27.45 level. Further, the continued growth of quotations with a target above the level of 29.55. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 26.75. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 23.75.
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