The quotes of XAG/USD continue to move within the framework of the development of a bullish correction and a descending channel. At the time of publication of the forecast, the Silver price is 28.66. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the price decline from the current levels. At the moment, we should expect an attempt to develop growth in the metal price and a test of the resistance level near the 28.85 area. From where we should expect a downward rebound and a continuation of the fall in the Silver price with a target below the level of 26.55.
Silver Forecast XAGUSD for August 1, 2024
An additional signal in favor of a decrease 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 growth will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling prices for Silver on August 1, 2024 will be strong growth and a breakout of 29.65. This will indicate a breakout of the resistance area and continued growth to the area above the level of 31.75. We should expect the XAG/USD quotes to accelerate their decline with a breakout of the support area and a price close below 27.35, which will indicate a breakout of the lower boundary of the bullish correction channel.
Silver Forecast XAGUSD for August 1, 2024 suggests an attempt to test the resistance area near 28.85. Further, the quotes will continue to fall with a target below 26.55. The cancellation of the Silver price decline option will be a strong growth and a breakout of 29.65. This will indicate a breakout of the resistance area. In this case, we should expect the Silver price to continue to rise with a target at 31.75.
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