Silver continue to move as part of a minor bullish correction and the formation of the “Wedge” pattern. At the time of this forecast, Silver prices are at 24.01. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a rise 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 21.75.
XAG/USD Forecast Silver and Analysis September 3, 2021
An additional signal in favor of a fall in quotes and prices for XAG/USD Silver will be a test of the trend 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 ”Wedge” pattern. Cancellation of the option of falling Silver prices on September 3, 2021 will be a strong growth and a breakdown of 25.65. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 27.15. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 23.05, which will indicate a breakdown of the lower boundary of the ”Wedge” model.
XAG/USD Forecast Silver and Analysis September 3, 2021 imply 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 21.75. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 25.65. 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 27.15.
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