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 15.13 Dollars. Moving averages indicate a bearish 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 14.90. Where can we expect a rebound and continued growth in Silver prices with a target above the level of 16.15.
XAG/USD Forecast Silver and Analysis May 8, 2020
An additional signal in favor of rising quotes and prices for XAG/USD Silver will be a test of the support area on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of raising prices for Silver on May 8, 2020 will be a fall and a breakdown of 14.35. This will indicate a breakdown of the support area and continued decline to the area below the level of 13.55. XAG/USD is expected to accelerate the growth of quotes with the breakdown of the resistance area and the closing of prices above 15.35, which will indicate a breakdown of the upper boundary of the «Triangle» model.
XAG/USD Forecast Silver and Analysis May 8, 2020 suggests an attempt to test the support area near the level of 14.90. Further, the continued growth of quotations with a target above the level of 16.15. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 14.35. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 13.55.
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