Silver continue to move within the correction and the downward channel. At the time of the release of the forecast, Silver prices are at $ 23.81. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the metal and a test of the resistance level near the 24.05 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 22.45.
XAG/USD Forecast Silver and Analysis November 3, 2020
An additional signal in favor of reducing quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce Silver prices on November 3, 2020 will be a strong growth and a breakdown of 24.65. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 26.75. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 22.65.
XAG/USD Forecast Silver and Analysis November 3, 2020 suggests an attempt to test the resistance area near the 24.05 level. Further, the continuation of the fall in quotations with a target below the level of 22.45. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 24.65. This will indicate a breakdown of the resistance level. In this case, we should expect the price to continue to rise above the level of 26.75.
