Silver continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Silver is 16.78 Dollars. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from asset sellers and a potential drop already from 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 resistance level near the area of 17.05. Where can we expect a rebound and a continued fall in the price of Silver with a target below the level of 15.55.
XAG/USD Forecast Silver and Analysis March 12, 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 upper boundary of the downward channel. Cancellation of the option of falling Silver prices on March 12, 2020 will be a strong growth and a breakdown of 17.65. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 18.45. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing at 16.45.
XAG/USD Forecast Silver and Analysis March 12, 2020 suggests an attempt to test the resistance area near the level of 17.05. Further, the continuation of the fall of quotations with the target below the level of 15.55. Cancellation of the option of reducing the price of Silver will be a strong growth and the breakdown of the level of 17.65. 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 18.45.
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