Silver continue to move as part of strong growth and an upward channel. At the time of the publication of the forecast, the price of Silver is 17.40 Dollars. Moving averages indicate a bullish trend. Prices have gone far up from the area between the signal lines, which indicates pressure from buyers of the asset and the potential continuation of 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 16.55. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 18.75.
XAG/USD Forecast Silver and Analysis May 21, 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 lower boundary of the ascending channel. Cancellation of the option of raising prices for Silver on May 21, 2020 will be a fall and a breakdown of 15.65. This will indicate a breakdown of the support area and continued decline to the area below the level of 14.55. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and the closing of prices above 17.95.
XAG/USD Forecast Silver and Analysis May 21, 2020 suggests an attempt to test the support area near the level of 16.55. Further, the continued growth of quotations with a target above the level of 18.75. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 15.65. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 14.55.
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