Quotes of Silver XAG/USD end the trading week near the 31.20 area. Quotes continue to move within the framework of growth development and the beginning of the development of the reversal pattern “Head and Shoulders”. Moving averages indicate the presence of a bullish trend for the asset. Prices have broken through the area between the signal lines upwards, which indicates pressure from metal buyers and potential continuation of growth from the 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 29.55 area. Further, the continuation of the growth of the Silver price with a potential target above the level of 36.25.
Silver Forecast and Analysis September 23 — 27, 2024
A rebound from the support line on the relative strength indicator will act in favor of the growth of quotes and prices for Silver in the current trading week of September 23 — 27, 2024. The second signal will be a rebound from the upper border of the reversal pattern “Head and Shoulders”. The cancellation of the growth option for XAG/USD quotes will be a fall and a breakout of the 26.75 area. This will indicate a breakout of the support area and a continuation of the fall in Silver prices with a target below the level of 22.75. The development of growth will be confirmed by a breakout of the resistance level and closing of prices above the level of 32.25.
Silver Forecast and Analysis September 23 — 27, 2024 suggests an attempt to test the support level near the area of 29.55. Then, the continuation of the growth of Silver prices with a target above the level of 36.25. 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 26.75. This will indicate a continuation of the decline in quotes to the area below the level of 22.75.
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