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 $ 14.93. Moving averages indicate a bearish trend. Prices struck testing between the signal lines, indicating pressure from the sellers of the asset and the potential continuation of the decline. At the moment, we should expect an attempt to develop a bullish correction of the metal value and a test of the resistance level near the area of 15.20. Where can we expect a rebound and the continuation of the fall in Silver prices with a target below the level of 13.75.
XAG/USD Forecast Silver and Analysis May 6, 2020
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance area on the relative strength index (RSI). The second signal in favor of reducing will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of falling Silver prices on May 6, 2020 will be a strong growth and a breakdown of 15.80. This will indicate a breakdown of the resistance area and continued rise to the area above the level of 16.95. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing prices below the level of 14.25, which will indicate a breakdown of the lower boundary of the Triangle model.
XAG/USD Forecast Silver and Analysis May 6, 2020 suggests an attempt to test the resistance area near the level of 15.20. Further, the continuation of the fall of quotations with the target below the level of 13.75. Cancellation of the option of reducing the price of Silver will be a strong growth and the breakdown of the level of 15.80. This will indicate a breakdown of the resistance level. In this case, we should expect the continuation of the rise in prices above the level of 16.95.
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