Silver continue to move within the correction and the downward channel. At the time of the publication of the forecast, Silver prices are 24.00 USD. Moving averages indicate a bearish trend. Prices are again testing 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 24.15. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 19.35.
XAG/USD Forecast Silver and Analysis October 2, 2020
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the upper border of the descending channel. Cancellation of the option of falling Silver prices on October 2, 2020 will be a strong growth and a breakdown of 05.25. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 27.25. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 22.25, which will indicate the confirmation of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis October 2, 2020 suggests an attempt to test the resistance area near the 24.15 level. Further, the continuation of the fall in quotations with a target below the level of 19.35. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 25.05. 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 27.25.
