Silver continue to move as part of the correction after a strong fall and were able to leave the rising channel. At the time of the publication of the forecast, the price of Silver is 17.43 Dollars. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the asset and the potential continuation of the fall 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 the continuation of the fall in the price of Silver with a target below the level of 16.35.
XAG/USD Forecast Silver and Analysis June 17, 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 the decline will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling Silver prices on June 17, 2020 will be a strong growth and a breakdown on May 18. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 19.25. It is worth expecting an acceleration in the fall of XAG/USD quotes with the breakdown of the support area and closing of prices below 16.65.
XAG/USD Forecast Silver and Analysis June 17, 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 16.35. Cancellation of the option of reducing the price of Silver will be a strong growth and the breakdown level of 18.05. 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 19.25.
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