Silver continue to move within the framework of strong growth and were able to leave the descending channel. At the time of the publication of the forecast, Silver prices are at $ 24.89. 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 24.20 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 27.55.
XAG/USD Forecast Silver and Analysis October 14, 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 a rise will be a rebound from the upper border of the descending channel. Cancellation of the option to raise Silver prices on October 14, 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 19.35. Expect acceleration in the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 26.35.
XAG/USD Forecast Silver and Analysis October 14, 2020 suggests an attempt to test the support area near 24.20. Further, the continued growth of quotations with a target above the level of 27.55. 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 19.35.
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