The quotes of XAG/USD continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Silver is 24.16. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers and a potential continuation of the price growth from current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the 24.05 area. Where should we expect a rebound upwards and a continuation of the growth in the price of Silver with a target above the level of 25.75.
Silver Forecast for August 31, 2023
An additional signal in favor of the growth of quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising prices for Silver on August 31, 2023 will be a fall and a breakdown of 23.45. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 21.15. It is worth expecting an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 24.65.
Silver Forecast for August 31, 2023 suggests an attempt to test the support area near the level of 24.05. Further, the continuation of the growth of quotations with the target above the level of 25.85. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 23.45. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect a continuation of the decline in the price of Silver with a target at 21.15.
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