The quotes of XAG/USD continue to move within the growth and bearish channel. At the time of publication of the forecast, prices for Silver are 23.28. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 22.90 area. Where can we expect a rebound upward and continued growth in the price of Silver with a target above the level of 24.65.
Silver Forecast for September 21, 2023
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 growth will be a rebound from the upper border of the bearish channel. Cancellation of the option to raise prices for Silver on September 21, 2023 will be a fall and a breakdown of 22.35. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 19.65. 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 23.65, which will indicate a breakdown of the upper boundary of the next downward channel.
Silver Forecast for September 21, 2023 suggests an attempt to test the support area near the level of 22.90. Further, continued growth of quotes with a target above the level of 24.65. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 22.35. This will indicate a breakdown of the support area. In this case, we should expect a continued rise in the price of Silver with a target at 19.65.
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