Silver continue to move within the correction and the bullish channel. At the time of publication of the forecast, Silver prices are at 27.57. Dollars. Moving averages indicate a bullish trend. Prices push up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth 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 26.65 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 30.55.
XAG/USD Forecast Silver and Analysis June 16, 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 bullish channel. Cancellation of the option of rising prices for Silver on June 16, 2021 will be a fall and a breakdown of 25.25. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.05. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 28.95, which will indicate a breakdown of the upper border of the descending channel.
XAG/USD Forecast Silver and Analysis June 16, 2021 suggests an attempt to test the support area near the 26.65 level. Further, the continued growth of quotations with a target above the level of 30.55. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 25.25. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 22.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link