Quotes of Silver XAG/USD end the trading week near the area of 28.79. Quotes continue to move within the framework of the development of a bearish correction and a bullish channel. Moving averages indicate a bullish trend for the asset. Prices are testing the area between the signal lines again, indicating pressure from metal buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop a bearish correction in the asset value and a test of the support level near the 28.35 area. Next, continued growth in the price of Silver with a potential target above the 35.95 level.
Silver Forecast and Analysis August 5 — 9, 2024
A rebound from the support line on the relative strength indicator will be in favor of growth in quotes and prices for Silver in the current trading week of August 5 — 9, 2024. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for XAG/USD quotes will be a fall and a breakout of the 25.85 area. This will indicate a breakout of the support area and a continued fall in Silver prices with a target below the 22.65 level. The development of growth will be confirmed by a breakout of the resistance level and closing of prices above the level of 31.35, which will indicate a breakout of the upper boundary of the descending correction channel.
Silver Forecast and Analysis August 5 — 9, 2024 suggests an attempt to test the support level near the area of 28.35. Then, the continuation of the growth of Silver prices with a target above the level of 35.95. The test of the trend line on the relative strength indicator will be in favor of growth. The cancellation of the growth option for XAG/USD will be a fall and a breakout of the level of 25.85. This will indicate a continuation of the decline in quotes to the area below the level of 22.65.
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