The quotes of XAG/USD continue to move within the framework of growth development and have left the boundaries of the descending channel. At the time of publication of the forecast, the Silver price is 28.06. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a decline in the cost of the metal and a test of the support level near the 27.65 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 31.25.
Silver Forecast XAGUSD for August 16, 2024
An additional signal in favor of growth in quotes and prices for Silver XAGUSD 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 descending channel. Cancellation of the option of growth in prices for Silver on August 16, 2024 will be a fall and a breakout of 26.35. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 24.75. Expect the acceleration of growth of XAG/USD quotes with a breakout of the resistance area and closing of the price above the level of 28.75.
Silver Forecast XAGUSD for August 16, 2024 suggests an attempt to test the support area near the level of 27.65. Further, the continuation of the growth of quotes with a target above the level of 31.25. The cancellation of the option of growth of prices for Silver will be a fall and a breakout of the level of 26.35. This will indicate a breakout of the support area. In this case, one should expect a continuation of the decline in the price of Silver with a target at the level of 24.75.
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