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.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link