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 15.29 Dollars. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines up, which indicates pressure from the buyers of the asset and the potential continuation of the growth in the value of the asset. At the moment, we should expect an attempt to develop a downward correction of the metal value and a test of the support level near the area of 15.25. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 16.45.
XAG/USD Forecast Silver and Analysis May 12, 2020
An additional signal in favor of the growth of quotations 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 upper boundary of the «Triangle» model. Cancellation of the option of raising prices for Silver on May 12, 2020 will be a fall and a breakdown of 14.65. This will indicate a breakdown of the support area and continued decline to the area below the level of 13.45. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and the closing of prices above 15.85.
XAG/USD Forecast Silver and Analysis May 12, 2020 suggests an attempt to test the support area near the level of 15.25. Further, the continued growth of quotations with a target above the level of 16.45. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 14.65. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 13.45.
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