The quotes of XAG/USD continue to move within the framework of the growth development and the beginning of the development of the “Double Bottom” reversal model. At the time of publication of the forecast, the Silver price is 29.65. 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 fall in price from current levels. At the moment, we should expect an attempt to develop a decline in the cost of metal and a test of the support level near the 29.05 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the 30.75 level.
Silver Forecast XAGUSD for September 13, 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. The cancellation of the option of growth in Silver prices on September 13, 2024 will be a fall and a breakout of 28.45. This will indicate a breakout of the support area and a continuation of the fall to the area below the 25.95 level. 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 29.95 level.
Silver Forecast XAGUSD for September 13, 2024 suggests an attempt to test the support area near the level of 29.05. Further, the continuation of the growth of quotes with a target above the level of 30.75. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 28.45. 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 25.95.
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