Silver continue to move within the fall and the descending channel. At the time of the publication of the forecast, Silver prices are at $ 23.90. Moving averages indicate a bearish trend. Prices went down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop the growth in the value of the metal and a test of the resistance level near the area of 24.45. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 20.85.
XAG/USD Forecast Silver and Analysis October 9, 2020
An additional signal in favor of reducing 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 the fall will be a rebound from the upper border of the descending channel. Cancellation of the option of falling Silver prices on October 9, 2020 will be a strong growth and a breakdown of 26.55. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 28.65. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 22.25.
XAG/USD Forecast Silver and Analysis October 9, 2020 suggests an attempt to test the resistance area near the 24.45 level. Further, the continuation of the fall in quotations with a target below the level of 20.85. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 26.55. 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 28.65.
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