Silver is trading at 14.49. Silver is trading below the lower limit of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Silver. The test of the Ichimoku Kinko Hyo signal lines is expected to be near the 14.55 level, from where we should expect a rebound and a continued decline in Silver prices with a target near the 14.15 level.
Silver forecast & analysis XAG/USD October 31, 2018
An additional signal in favor of lowering XAG/USD quotes will be a test of the resistance level, as well as a rebound from the lower boundary of the «Triangle» model. Earlier, a medium strength signal was received for SELL the Silver, due to the crossing of the signal lines at 14.60.
Canceling the option of falling quotes Silver will break the upper boundary of the Ichimoku Kinko Hyo Cloud with a close above 14.75, indicating a change in the downward trend in favor of an upward trend and continued growth with a potential target near the 15.55 area. Expect to accelerate the fall in prices XAG/USD stands with the breakdown of the support area and closing below 14.40.
Silver forecast & analysis XAG/USD October 31, 2018 suggests an attempt to test the resistance level near the 14.55 area, from which we can expect the XAG/USD decline to continue with a potential target near the 14.20 level, a strong growth and the breakdown of the 14.75 area will cancel the drop option.