The quotes of XAG/USD continue to move within the framework of the decline development and the formation of the bullish model “Wolfe Wave”. At the time of the forecast publication, the Silver price is 26.93. Moving averages indicate the presence of 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 fall in price from the 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 26.75 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 29.05.
Silver Forecast XAGUSD for August 8, 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 model “Wolfe Wave”. The cancellation of the option of growth in prices for Silver on August 8, 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 23.25. We should expect an acceleration of the growth of XAG/USD quotes with a breakout of the resistance area and the price closing above 27.85, which will indicate a breakout of the upper border of the “Wolfe Wave” pattern.
Silver Forecast XAGUSD for August 8, 2024 suggests an attempt to test the support area near 26.75. Further, the continuation of the growth of quotes with a target above 29.05. The cancellation of the option of growth in Silver prices will be a fall and a breakout of 25.35. This will indicate a breakout of the support area. In this case, we should expect a continuation of the decline in Silver prices with a target at 23.25.
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