Silver continue to move as part of a strong growth and were able to leave the descending channel. At the time of this forecast, Silver prices are at 25.03 USD. Moving averages indicate a sideways trend. Prices broke up the area between the signal lines, 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 downward correction in the value of the metal and a test of the support level near the area of 24.35. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 26.75.
XAG/USD Forecast Silver and Analysis November 6, 2020
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 the fall will be a rebound from the upper border of the descending channel. Cancellation of the option of rising prices for Silver on November 6, 2020 will be a fall and a breakdown on 05.23. This will indicate a breakdown of the support area and a continued decline to the area below the level of 20.15. Expect acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 25.65.
XAG/USD Forecast Silver and Analysis November 6, 2020 suggests an attempt to test the support area near 24.35. Further, the continued growth of quotations with a target above the level of 26.75. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 23.05. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.15.
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