Silver continue to move as part of the correction and the formation of the “Head and Shoulders” pattern. At the time of this forecast, Silver prices are at $ 26.05. 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 26.25 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 17, 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 a 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 17, 2021 will be a strong growth and a breakdown at 27.15. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 28.45. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of the price below 25.05, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” model.
XAG/USD Forecast Silver and Analysis March 17, 2021 suggests an attempt to test the resistance area near the 26.25 level. 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 27.15. 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 28.45.
