Silver continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of Silver is $ 17.92. Moving averages indicate a bullish trend. Prices pierced the area between the signal lines up, 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 fall in the value of the metal and a test of the support level near the area of 17.20. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 18.75.
XAG/USD Forecast Silver and Analysis June 24, 2020
An additional signal in favor of rising 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 lowering will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of rising Silver prices on June 24, 2020 will be a fall and a breakdown of 16.65. This will indicate a breakdown of the support area and continued decline to the area below the level of 15.75. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and the closing of prices above 18.25.
XAG/USD Forecast Silver and Analysis June 24, 2020 suggests an attempt to test the support area near the level of 17.20. Further, the continued growth of quotations with the target above the level of 18.75. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 16.65. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 15.75.
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