Silver continue to move within the framework of strong growth and were able to leave the descending channel. At the time of the forecast publication, Silver prices are at $ 23.38. Moving averages indicate a bearish trend. Prices broke up the area between the signal lines, which indicates pressure from buyers and a potential continuation of the asset’s price growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the 24.05 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.05.
XAG/USD Forecast Silver and Analysis October 13, 2020
An additional signal in favor of reducing quotes and prices for XAG/USD Silver will be a test of the broken trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the upper border of the descending channel. Cancellation of the option to raise Silver prices on October 13, 2020 will be a fall and a breakdown of 22.55. This will indicate a breakdown of the support area and a continued fall to the area below the level of 19.45. Expect acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 26.55.
XAG/USD Forecast Silver and Analysis October 13, 2020 suggests an attempt to test the support area near 24.05. Further, the continued growth of quotations with a target above the level of 29.05. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 22.55. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 19.45.
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