Silver continue to move as part of a strong correction and a downward channel. At the time of the publication of the forecast, the price of Silver is 17.54 Dollars. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt to continue the growth in the value of the metal and test the resistance level near the area of 17.70. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 16.25.
XAG/USD Forecast Silver and Analysis October 9, 2019
In favor of reducing quotes and prices for XAG/USD Silver, a test of the broken support line on the relative strength index (RSI) will come out. The second signal in favor of the rise will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling Silver prices on October 9, 2019 will be a strong growth and a breakdown of 18.60. This will indicate a breakdown of the upper boundary of the downward channel and a continuation of the rise to the area above the level of 19.90. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing under the level of 17.05.
XAG/USD Forecast Silver and Analysis October 9, 2019 implies an attempt to test the resistance area near the level of 17.70. Further, the continuation of the decline in quotations with a target below the level of 16.25. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 18.60. This will indicate a breakdown of the resistance level. In this case, we should expect continued price increases above the level of 19.90.