Silver continue to move as part of the fall and the formation of the ”Triangle” pattern. At the time of the publication of the forecast, Silver prices are at $ 26.18. 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 bullish correction in the value of the metal and a test of the resistance level near the 26.45 area. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 27.75.
XAG/USD Forecast Silver and Analysis March 5, 2021
An additional signal in favor of a rise in 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 descending channel. Cancellation of the option of falling Silver prices on March 5, 2021 will be a strong growth and a breakdown on 05/27. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 28.65. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of the price below the level of 25.35, which will indicate a breakdown of the lower border of the ”Triangle” model.
XAG/USD Forecast Silver and Analysis March 5, 2021 suggests an attempt to test the support area near the level of 26.45. Further, the continuation of the rise in quotations with a target above the level of 27.75. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 27.05. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 28.65.
