Silver continue to move within the growth and the ascending channel. At the time of the publication of the forecast, Silver prices are at $ 24.48. Moving averages indicate a bullish trend. Prices are again repelled from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the asset value 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 26.55.
XAG/USD Forecast Silver and Analysis October 15, 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 lower border of the ascending channel. Cancellation of the option to raise Silver prices on October 15, 2020 will be a fall and a breakdown of 22.75. This will indicate a breakdown of the support area and a continued fall to the area below the level of 19.45. Expect acceleration of the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 25.95.
XAG/USD Forecast Silver and Analysis October 15, 2020 suggests an attempt to test the support area near the 24.05 level. Further, the continued growth of quotations with a target above the level of 26.55. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 22.75. 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.
