Silver continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, Silver prices are at $ 26.56. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall 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 26.05 area. Where can we expect a rebound and a continued rise in the price of Silver with a target above the level of 28.55.
XAG/USD Forecast Silver and Analysis March 4, 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 “Head and Shoulders” reversal pattern. Cancellation of the option of rising prices for Silver on March 4, 2021 will be a fall and a breakdown of 25.35. This will indicate a breakdown of the support area and a continued fall to the area below the level of 22.45. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 27.25.
XAG/USD Forecast Silver and Analysis March 4, 2021 suggests an attempt to test the support area near the 26.05 level. Further, the continuation of the rise in quotations with a target above the level of 28.55. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 25.35. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 22.45.
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