The quotes of XAG/USD continue to move as part of the development of a correction and the formation of a “Head and Shoulders” reversal pattern. At the time of publication of the forecast, prices for Silver are 29.59. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in value from current levels. At the moment, we should expect an attempt to develop a decline in the value of the metal and a test of the support level near the area of 29.25. Where can we expect a rebound upward and continued growth in the price of Silver with a target above the level of 31.75.
Silver Forecast for June 25, 2024
An additional signal in favor of growth in quotes and prices for Silver XAG/USD will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option to raise prices for Silver on June 25, 2024 will be a fall and a breakdown of 28.35. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 25.65. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing of the price above the level of 31.25, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets above.
Silver Forecast for June 25, 2024 suggests an attempt to test the support area near the level of 29.25. Further, continued growth of quotes with a target above the level of 31.75. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 28.35. This will indicate a breakdown of the support area. In this case, we should expect the price of Silver to continue to decline with a target at 25.65.
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