Silver continue to move within the correction and the bullish channel. At the time of the forecast release, Silver prices are at 27.54. Dollars. Moving averages indicate a bullish trend. Prices are testing 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 26.55 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.85.
XAG/USD Forecast Silver and Analysis June 9, 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 9, 2021 will be a fall and a breakdown of 25.45. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.35. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 28.65.
XAG/USD Forecast Silver and Analysis June 9, 2021 suggests an attempt to test the support area near the 26.55 level. Further, the continued growth of quotations with a target above the level of 29.85. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 25.45. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 22.35.
