Silver continue to move within the framework of the correction and the formation of the “Triangle” pattern, however, prices are already trying to fall, as we see the sellers are trying to seize the initiative. At the time of the publication of the forecast, Silver prices are at $ 26.52. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines downward, 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 a bullish correction in the value of the metal and a test of the resistance level near the 27.65 area. Where can we expect a rebound and the continuation of the fall in the price of Silver with a target below the level of 22.45.
XAG/USD Forecast Silver and Analysis September 18, 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 18, 2020 will be a strong growth and a breakdown of 29.75. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 32.45. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing of prices below the level of 25.55, which will indicate the completion of the formation of the “Triangle” pattern.
XAG/USD Forecast Silver and Analysis September 18, 2020 suggests an attempt to test the resistance area near the 27.65 level. Further, the continuation of the fall in quotations with a target below the level of 22.45. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 29.75. 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 32.45.
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