Silver continue to move within the framework of a strong fall and the beginning of the development of the “Head and Shoulders” reversal pattern. At the time of the release of the forecast, Silver prices are at $ 23.40. Moving averages indicate a bearish trend. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in 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 24.25. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 19.85.
XAG/USD Forecast Silver and Analysis October 29, 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 a rebound from the Neck line of the Head and Shoulders reversal pattern. Cancellation of the option to reduce Silver prices on October 29, 2020 will be a strong growth and a breakdown of 26.65. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 28.75. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 23.05, such a movement will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
XAG/USD Forecast Silver and Analysis October 29, 2020 suggests an attempt to test the resistance area near the 24.25 level. Further, the continuation of the fall in quotations with a target below the level of 19.85. Cancellation of the option to reduce the price of Silver will be a strong growth and a breakdown of the level of 26.65. 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 28.75.
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