Silver continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Silver is 17.76 Dollars. Moving averages indicate a bullish trend. At the moment, we should expect an attempt to develop a decrease in the cost of metal and a test of the support level near the area of 17.55. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 20.05.
XAG/USD Forecast Silver and Analysis October 30, 2019
In favor of the growth of quotes and prices for Silver XAG/USD, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of growth will be a rebound from the lower boundary of the Triangle model. Cancellation of the option of rising prices for Silver on October 30, 2019 will be a fall and a breakdown of 16.95. This will indicate a breakdown of the lower boundary of the ascending channel and continued fall into the area below the level of 16.05. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and closing above the level of 18.65, which will indicate the completion of the formation of the «Triangle» model.
XAG/USD Forecast Silver and Analysis October 30, 2019 suggests an attempt to test the support area near the level of 17.55. Further, the continued growth of quotations with a target above the level of 20.05. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 16.95. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.05.