The quotes of XAG/USD continue to move within the framework of the development of the correction and the formation of the “Double Bottom” reversal pattern. At the time of publication of the forecast, the Silver price is 28.46. Moving averages indicate 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 27.90 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 29.45.
Silver Forecast XAGUSD for September 12, 2024
An additional signal in favor of an increase 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. Cancellation of the option of growth in Silver prices on September 12, 2024 will be a fall and a breakout of 27.25. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 25.65. We should expect the acceleration of growth of XAG/USD quotes with a breakout of the resistance area and closing of the price above the level of 29.25, which will indicate a breakout of the upper border of the reversal pattern “Double Bottom” and the beginning of the pattern with targets at the top.
Silver Forecast XAGUSD for September 12, 2024 suggests an attempt to test the support area near the level of 27.90. Further, the continuation of the growth of quotes with a target above the level of 29.45. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 27.25. 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 25.65.
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