The quotes of XAG/USD continue to move within the framework of the development of the fall and the formation of the bullish model “Wolf Wave”. At the time of publication of the forecast, the Silver price is 26.98. Moving averages indicate the presence of a bearish trend. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the area of 26.75. Where should we expect an upward rebound and continued growth in the price of Silver with a target above the level of 29.15.
Silver Forecast XAGUSD for August 7, 2024
An additional signal in favor of the growth of 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 the rise will be a rebound from the lower border of the bullish “Wolfe Wave” pattern. The cancellation of the growth option for Silver prices on August 7, 2024 will be a fall and a breakout of 25.35. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 23.15. 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 level of 28.10, which will indicate a breakout of the upper border of the “Wolfe Wave” pattern.
Silver Forecast XAGUSD for August 7, 2024 suggests an attempt to test the support area near the level of 26.75. Further, the continuation of the growth of quotes with a target above the level of 29.15. The Silver price growth scenario will be cancelled by a fall and a breakout of the 25.35 level. This will indicate a breakout of the support area. In this case, we should expect a continuation of the Silver price decline with a target at the 23.15 level.
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