Silver continue to move as part of the rise and the bullish channel. At the time of this forecast, Silver prices are at 25.17. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from the buyers of the asset and a potential continuation of the rise in value already from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the area of 24.65. Where can we expect a rebound and a continued rise in the price of Silver with a target above the level of 27.95.
XAG/USD Forecast Silver and Analysis November 16, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise Silver prices on November 16, 2021 will be a fall and a breakdown of 24.35. This will indicate a breakdown of the support area and a continued fall to the area below the level of 21.55. 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 25.55.
XAG/USD Forecast Silver and Analysis November 16, 2021 suggests an attempt to test the support area near 24.65. Further, the continuation of the rise in quotations with a target above the level of 27.95. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 24.35. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 21.55.
