XAG/USD Forecast Silver and Analysis October 9, 2019


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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

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.


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