The quotes of XAG/USD continue to move as part of the fall. At the time of the publication of the forecast, the price of Silver is 23.73. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines up, which indicates pressure from the bulls and a potential continuation of the growth in value already from current levels. At the moment, we should expect an attempt to develop a fall in the value of the metal and a test of the support level near the area of 23.45. 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 25.15.
Silver Forecast for August 4, 2023
An additional signal in favor of rising 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 upper border of the descending channel. Cancellation of the option of rising prices for Silver on August 4, 2023 will be a fall and a breakdown of 23.05. This will indicate a breakdown of the support area and a continuation of the decline to the area below the level of 21.45. It is worth expecting an acceleration of the rise in XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 24.45.
Silver Forecast for August 4, 2023 suggests an attempt to test the support area near the level of 23.45. Further, the continuation of the growth of quotations with the target above the level of 25.15. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 23.05. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the decline in the price of Silver with the target at 21.45.
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