Silver continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, Silver prices are at $ 26.81. 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 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 22.75.
XAG/USD Forecast Silver and Analysis September 9, 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 “Head and Shoulders” pattern. Cancellation of the option of falling Silver prices on September 8, 2020 will be a strong growth and a breakdown of 29.65. 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 of XAG/USD quotes with the breakdown of the support area and closing of prices below the level of 25.95, which will indicate the beginning of the development of the “Head and Shoulders” model.
XAG/USD Forecast Silver and Analysis September 9, 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 22.75. Cancellation of the option to reduce the prices of Silver will be a strong growth and a breakdown of the level of 29.65. 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 32.65.
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