Silver continue to move as part of the correction and the formation of a reversal pattern. At the time of the publication of the forecast, Silver prices are at $ 25.07. Moving averages indicate a bullish trend. Prices are again repelled from the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth of 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 25.15 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 21.75.
XAG/USD Forecast Silver and Analysis October 22, 2020
An additional signal in favor of reducing 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 the fall will be the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option to reduce Silver prices on October 22, 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 23.15, such a movement will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis October 22, 2020 suggests an attempt to test the resistance area near the 25.15 level. Further, the continuation of the fall in quotations with a target below the level of 21.75. 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.
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