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 $17.97. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to develop a decrease in the cost of metal and a test of the support level near the area of 17.65. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 19.95.
XAG/USD Forecast Silver and Analysis November 1, 2019
In favor of the growth of quotes and prices for Silver XAG/USD, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of growth will be a rebound from the lower boundary of the ascending channel. This will indicate a breakdown of the lower boundary of the ascending channel and continued fall into the area below the level of 16.20. Expect acceleration of the growth of XAG/USD quotes with the breakdown of the resistance area and closing above the level of 18.55, which will indicate the quotes go beyond the «Triangle» model.
XAG/USD Forecast Silver and Analysis November 1, 2019 suggests an attempt to test the support area near the level of 17.65. Further, the continued growth of quotations with a target above the level of 19.95. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 17.05. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.20.
