XAG/USD Forecast Silver and Analysis June 16, 2020



Silver continue to move as part of a strong fall and an upward channel. At the time of the publication of the forecast, the price of Silver is 17.27 Dollars. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines, which indicates pressure from the 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 growth in the value of the metal and a test of the resistance level near the area of ​​17.55. Where can we expect a rebound and a continued fall in the price of Silver with a target below the level of 15.15.

XAG/USD Forecast Silver and Analysis June 16, 2020

An additional signal in favor of falling 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 lowering is the completion of the formation of the head and shoulders reversal pattern. Cancellation of the option of falling Silver prices on June 16, 2020 will be a strong growth and a breakdown of 18.25. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 19.05. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 16.75.

XAG/USD Forecast Silver and Analysis June 16, 2020

XAG/USD Forecast Silver and Analysis June 16, 2020 suggests an attempt to test the resistance area near the level of 17.55. Further, the continuation of the fall of quotations with the target below the level of 15.15. Cancellation of the option of reducing the price of Silver will be a strong growth and the breakdown of the level of 18.25. This will indicate a breakdown of the resistance level. In this case, we should expect the continuation of the rise in prices above the level of 19.05.


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