Silver continue to move within the correction and the downward channel. At the time of the release of the forecast, Silver prices are at $ 24.30. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the asset value from the current levels. At the moment, we should expect an attempt to develop a fall in the value of the metal and a test of the support level near the 22.95 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 28.15.
XAG/USD Forecast Silver and Analysis October 7, 2020
An additional signal in favor of a rise in quotes and prices for XAG/USD Silver will be a test of the broken resistance line on the relative strength index (RSI). The second signal in favor of a rise will be a rebound from the upper border of the descending channel. Cancellation of the Silver price growth option on October 7, 2020 will be a strong growth and a breakdown at 22.45. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.35. Expect acceleration of the growth of XAG/USD quotes with the breakdown of the resistance area and closing prices above the level of 25.45, which will indicate a breakdown of the upper border of the descending channel.
XAG/USD Forecast Silver and Analysis October 7, 2020 suggests an attempt to test the support area near the 22.95 level. Further, the continued growth of quotations with a target above the level of 28.15. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 22.45. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.35.
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