Silver continue to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the price of Silver is 17.69 Dollars. Moving averages indicate a downward trend, but prices have broken through the signal line area, which indicates pressure from buyers. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the resistance level near the area of 17.75. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 17.05.
XAG/USD Forecast Silver and Analysis October 22, 2019
In favor of falling quotes and prices for Silver XAG/USD, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of the decline will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling Silver prices on October 22, 2019 will be a strong growth and a breakdown on May 18. This will indicate a breakdown of the upper boundary of the downward channel and continued growth to the area above the level of 18.75. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing under the level of 17.15.
XAG/USD Forecast Silver and Analysis October 22, 2019 suggests an attempt to test the resistance area near the level of 17.75. Further, the continuation of the fall of quotations with a target below the level of 17.05. Cancellation of the option of falling prices for Silver will be a strong growth and the breakdown of the level of 18.05. This will indicate a breakdown of the resistance level. In this case, we should expect the continuation of the rise in prices above the level of 18.75.