The quotes of XAG/USD continue to move within the framework of the fall and have left the bullish channel. At the time of publication of the forecast, the Silver price is 30.30. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers and a potential continuation of the fall in price from current levels. At the moment, we should expect an attempt to develop a bullish correction in the metal price and a test of the resistance level near the 30.85 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 27.65 level.
Silver Forecast XAGUSD for October 9, 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 a decline will be a rebound from the upper border of the bearish channel. The cancellation of the option of a decrease in prices for Silver on October 9, 2024 will be a strong growth and a breakout of 31.95. This will indicate a breakout of the resistance area and continued growth to the area above the 33.15 level. 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 29.45 level.
Silver Forecast XAGUSD for October 9, 2024 suggests an attempt to test the resistance area near the level of 30.85. Further, the continuation of the fall in quotes with a target below the level of 27.65. The cancellation of the option of a decrease in Silver prices will be a strong growth and a breakout of the level of 31.95. 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 33.15.
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