The quotes of XAG/USD continue to move within the framework of the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the Silver price is 29.31. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continued growth in price from current levels. At the moment, we should expect an attempt to develop a decline in the cost of metal and a test of the support level near the 28.70 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 32.55.
Silver Forecast XAGUSD for August 29, 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 growth will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth in prices for Silver on August 29, 2024 will be a fall and a breakout of 28.45. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 26.05. We should expect an acceleration of growth in XAG/USD quotes with a breakout of the resistance area and a price close above the level of 30.65.
Silver Forecast XAGUSD for August 29, 2024 suggests an attempt to test the support area near the level of 28.70. Further, the continuation of the growth of quotes with a target above the level of 32.55. The cancellation of the growth option for Silver prices will be a fall and a breakout of the level of 28.45. 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 26.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
