Silver continue to move as part of the decline and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Silver is 14.76 Dollars. At the moment, we should expect an attempt to grow the asset and test the resistance level near the area of 14.80. Where can we expect a rebound and the continuation of the fall in the price of Silver with the goal below 14.25.
XAG/USD Forecast Silver and Analysis May 16, 2019
In favor of raising the XAG/USD quotes, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper limit of the model «Triangle». Cancellation of the option of falling prices for Silver May 16, 2019 will be a strong growth and a breakdown 15.05. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 15.85. Expect to accelerate the fall of XAG/USD quotes with the breakdown of the support area and closing below 14.45.
XAG/USD Forecast Silver and Analysis May 16, 2019 implies an attempt to test the resistance area near the level of 14.80. Further, the continuation of the fall of quotations with the goal below the level of 14.25. The abolition of the option of reducing the price of Silver will be a strong increase and the breakdown level of 15.05. This will indicate a breakdown of the resistance level. In this case, one should expect continued price growth above the level of 15.85.