Silver continue to move within the growth and bearish channel. At the time of the publication of the forecast, Silver prices are at $ 26.35. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the growth in value already from the current levels. At the moment, we should expect an attempt to develop a fall in the value of the metal and a test of the support level near the 26.15 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.65.
XAG/USD Forecast Silver and Analysis May 7, 2021
An additional signal in favor of raising quotes 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 border of the ascending channel. Cancellation of the option to raise Silver prices on May 6 will be a fall and a breakdown on 05.25. This will indicate a breakdown of the support area and a continued fall to the area below the level of 23.35. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 27.55.
XAG/USD Forecast Silver and Analysis May 7, 2021 suggests an attempt to test the support area near the 26.15 level. Further, the continued growth of quotations with a target above the level of 29.65. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 25.05. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 23.35.
