Silver continue to move within the framework of a strong fall and the beginning of the “Triangle” pattern. At the time of the forecast publication, Silver prices are at $ 23.35. 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 23.75 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 21.55.
XAG/USD Forecast Silver and Analysis October 30, 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 lower border of the “Triangle” pattern. Cancellation of the option to reduce Silver prices on October 30, 2020 will be a strong growth and a breakdown of 25.55. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 27.85. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 22.15.
XAG/USD Forecast Silver and Analysis October 30, 2020 suggests an attempt to test the resistance area near the 23.75 level. Further, the continuation of the fall in quotations with a target below the level of 21.55. Cancellation of the option to reduce the prices of Silver will be a strong growth and a breakdown of the level of 25.55. 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 27.85.
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