Silver continue to move as part of the correction and the formation of the “Head and Shoulders” pattern. At the time of the publication of the forecast, Silver prices are at $ 26.12. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the growth in value already from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the metal and a test of the resistance level near the 26.35 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 23.85.
XAG/USD Forecast Silver and Analysis March 16, 2021
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 border of the “Head and Shoulders” pattern. Cancellation of the option of falling Silver prices on March 16, 2021 will be a strong growth and a breakdown of 27.25. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 28.75. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of the price below 25.25, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” model.
XAG/USD Forecast Silver and Analysis March 16, 2021 imply an attempt to test the resistance area near the level of 26.35. Further, the continuation of the fall in quotations with a target below the level of 23.85. Cancellation of the option to reduce Silver prices will be strong growth and a breakdown of the level of 27.25. This will indicate a breakdown of the resistance level. In this case, we should expect the price to continue to rise above the level of 28.75.
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