The quotes of XAG/USD continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of Silver is 22.59. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from the bears and a potential continuation of the growth in value already from current levels. 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 22.80 area. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 21.35.
Silver Forecast for August 16, 2023
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 the decline will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the price of Silver on August 16, 2023 will be a strong growth and a breakdown of 23.45. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 24.95. It is worth expecting an acceleration in the fall o XAG/USD quotes with a breakdown of the support area and closing the price below the level of 22.05.
Silver Forecast for August 16, 2023 suggests an attempt to test the resistance area near the level of 22.80. Further, the continuation of the fall of quotations with the target below the level of 21.35. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 23.45. This will indicate a breakdown of the upper border of the bearish channel. In this case, we should expect the price of Silver to continue rising with the target at 24.95.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
