Silver continue to move within the fall and the downtrend channel. At the time of this forecast, Silver prices are at $ 25.20. 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 26.25 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 27.75.
XAG/USD Forecast Silver and Analysis March 9, 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 descending channel. Cancellation of the option of falling Silver prices on March 9, 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 28.35. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 24.65.
XAG/USD Forecast Silver and Analysis March 9, 2021 suggests an attempt to test the support area near the 26.25 level. 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 28.35.
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