The quotes of XAG/USD continue to move within the framework of the development of the fall and the descending channel. At the time of the forecast publication, the Silver price is 27.91. The 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 the current levels. At the moment, we should expect an attempt to develop growth in the metal price and a test of the resistance level near the 28.25 area. From where we should expect a downward rebound and a continuation of the fall in the price of Silver with a target below the level of 25.65.
Silver Forecast XAGUSD for July 31, 2024
An additional signal in favor of a decrease in quotes and prices for Silver XAG/USD will be a test of the resistance 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 a fall in prices for Silver on July 31, 2024 will be a strong growth and a breakout of 29.65. This will indicate a breakout of the resistance area and continued growth to the area above the level of 31.75. We should expect an acceleration of the fall in XAG/USD quotes with a breakout of the support area and a price close below the level of 27.05.
Silver Forecast XAGUSD for July 31, 2024 suggests an attempt to test the resistance area near the level of 28.25. Further, the continuation of the fall in quotes with a target below the level of 25.65. The cancellation of the option of a decrease in Silver prices will be a strong growth and a breakout of the level of 29.65. This will indicate a breakout of the resistance area. In this case, we should expect a continuation of the rise in the price of Silver with a target at the level of 31.75.
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