Silver continue to move as part of the rise and left the descending channel. At the time of this forecast, Silver prices are at 23.97. Moving averages indicate a bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in value already from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the 23.45 area. Where can we expect a rebound and the continuation of the rise in the price of Silver with a target above the level of 27.15.
XAG/USD Forecast Silver and Analysis October 20, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the upper border of the bearish channel. Cancellation of the option to raise Silver prices on October 20, 2021 will be a fall and a breakdown at 21.45. This will indicate a breakdown of the support area and a continued fall to the area below the level of 18.05. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 24.75.
XAG/USD Forecast Silver and Analysis October 20, 2021 suggests an attempt to test the support area near the 23.45 level. Further, the continuation of the rise in quotations with a target above the level of 27.15. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 21.45. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 18.05.
