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 29.07. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers and a potential continuation of the price decline from current levels. At the moment, we should expect an attempt to develop a decline in the metal price and a test of the support level near the 28.50 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the 30.65 level.
Silver Forecast XAGUSD for August 2, 2024
An additional signal in favor of an increase 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 an increase will be a rebound from the upper border of the bearish channel. The cancellation of the option of price growth for Silver on August 2, 2024 will be a fall and a breakout of 28.05. This will indicate a breakout of the support area and a continuation of the fall to the area below the 26.65 level. We should expect an acceleration of the growth of XAG/USD quotes with a breakout of the resistance area and a price close above the 29.65 level.
Silver Forecast XAGUSD for August 2, 2024 suggests an attempt to test the support area near the level of 28.50. Further, the continuation of the growth of quotes with a target above the level of 30.65. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 28.05. This will indicate a breakout of the support area. In this case, we should expect a continuation of the decline in the price of Silver with a target at the level of 26.65.
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