Silver continue to move as part of a downward correction and the formation of the bullish «Wolfe Wave». At the time of the publication of the forecast, the price of Silver is 17.89 Dollars. Moving averages indicate a short-term downtrend. At the moment, we should expect an attempt to reduce metal and test the support level near the area of 17.50. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 19.55 as part of the start of the development of the upward «Wolfe Wave» model.
XAG/USD Forecast Silver and Analysis September 19, 2019
In favor of the growth of quotes and prices for Silver XAG/USD, a test of the rising support line on the relative strength index (RSI) will come out. The second signal will benefit from the rise of the rebound from the lower boundary of the model. Cancellation of the option of rising prices for Silver on September 19, 2019 will be a strong fall and a breakdown on May 17. This will indicate a breakdown of the lower boundary of the model and continued fall to the area below the level of 16.65. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and closing above the level of 18.15.
XAG/USD Forecast Silver and Analysis September 19, 2019 implies an attempt to test the support area near the level of 17.50. Further, the continued growth of quotations with a target above the level of 19.55. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 17.05. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.65.