Silver continue to move as part of the correction and the formation of a large “Triangle” pattern. At the time of the publication of the forecast, Silver prices are at $ 27.19. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the asset’s value growth. 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 28.25 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 23.95.
XAG/USD Forecast Silver and Analysis September 3, 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 3, 2020 will be a strong growth and a breakdown of 29.85. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 32.65. Expect an acceleration in the fall in XAG/USD quotes with the breakdown of the support area and closing prices below 26.75, which will indicate the beginning of the “Triangle” pattern development.
XAG/USD Forecast Silver and Analysis September 3, 2020 suggests an attempt to test the resistance area near the 28.25 level. Further, the continuation of the fall in quotations with a target below the level of 23.95. Cancellation of the option to reduce Silver prices will be a strong growth and a breakdown of the level of 29.85. 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 32.65.
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