Silver continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, Silver prices are at $ 26.60. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the value of the asset. 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 area of 27.75. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 23.15.
XAG/USD Forecast Silver and Analysis September 10, 2020
An additional signal in favor of falling 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 a decline will be a rebound from the upper border of the “Triangle” pattern. Cancellation of the option of falling Silver prices on September 9, 2020 will be a strong growth and a breakdown of 29.55. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 32.55. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of prices below the level of 25.05, which will indicate the beginning of the “Triangle” pattern development.
XAG/USD Forecast Silver and Analysis September 10, 2020 suggests an attempt to test the resistance area near the 27.75 level. Further, the continuation of the fall in quotations with a target below the level of 23.15. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 29.55. 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 32.55.
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