Silver continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Silver is $ 14.87. Moving averages indicate a bullish trend. Prices pierced the area between the signal lines down, indicating pressure from asset sellers. 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 area of 14.80. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 18.05.
XAG/USD Forecast Silver and Analysis May 1, 2020
An additional signal in favor of the growth of quotations and prices for XAG/USD Silver will be a test of the support area on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of rising prices for Silver on May 1, 2020 will be a strong fall and a breakdown of 14.55. This will indicate a breakdown of the support area and continued decline to the area below the level of 13.95. Expect to accelerate the rise in XAG/USD quotes with the breakdown of the resistance area and the closing of prices above 15.85, which will indicate a breakdown of the upper boundary of the «Triangle» model.
XAG/USD Forecast Silver and Analysis May 1, 2020 suggests an attempt to test the support area near the level of 14.80. Further, the continuation of the rise of quotations with the target above the level of 18.05. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 14.55. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below 13.95.
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