Silver continue to move within the growth and the ascending channel. At the time of the publication of the forecast, Silver prices are $ 23.73. Moving averages indicate a bearish trend. Prices are again repelled from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the asset 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 area of 24.65. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 19.10.
XAG/USD Forecast Silver and Analysis October 16, 2020
An additional signal in favor of reducing quotes and prices for XAG/USD Silver will be a test of the downward trend 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 October 16, 2020 will be a strong growth and a breakdown of 26.35. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 28.45. Expect an acceleration in the fall of XAG/USD quotes with the breakdown of the support area and closing of prices below 22.45, such a movement will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis October 16, 2020 suggests an attempt to test the resistance area near the 24.65 level. Further, the continuation of the fall in quotations with a target below the level of 19.10. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 26.35. 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 28.45.
