The quotes of XAG/USD continue to move as part of the development of a strong bullish correction and have left the bullish channel. At the time of publication of the forecast, the price of Silver is 30.29. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a rise in the value of the metal and a test of the resistance level near the area of 30.75. Where can we expect a downward rebound and a continued decline in the price of Silver with a target below the level of 28.45.
Silver Forecast for July 5, 2024
An additional signal in favor of a fall in quotes and prices for Silver XAG/USD will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower border of the bullish channel. Cancellation of the option to reduce prices for Silver on July 5, 2024 will be a strong growth and a breakdown of 31.65. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 32.75. Expect an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing of the price below the level of 29.65.
Silver Forecast for July 5, 2024 suggests an attempt to test the resistance area near the 30.75 level. Further, quotes continue to fall with a target below the level of 28.45. Cancellation of the option to reduce prices for Silver will be a strong growth and a breakdown of the level of 31.65. This will indicate a breakdown of the resistance area. In this case, we should expect a continued rise in the price of Silver with a target at 32.75.
