XAG/USD Forecast Silver and Analysis March 5, 2021

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.

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