The quotes of XAG/USD continue to move within the framework of the development of the fall and the beginning of the development of the reversal pattern “Head and Shoulders”. At the time of publication of the forecast, the Silver price is 28.41. Moving averages indicate the presence of a bullish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth in value from the current levels. At the moment, we should expect an attempt to develop growth in the value of the metal and a test of the resistance level near the area of 28.70. Where should we expect a downward rebound and continued fall in Silver prices with a target below 25.75.
Silver Forecast XAGUSD for September 4, 2024
An additional signal in favor of a decline 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 fall will be a rebound from the upper border of the bearish channel. The cancellation of the option of falling prices for Silver on September 4, 2024 will be strong growth and a breakout of 29.95. This will indicate a breakout of the resistance area and continued growth to the area above 31.85. We should expect an acceleration of the fall in XAG/USD quotes with a breakout of the support area and a price close below 27.15.
Silver Forecast XAGUSD for September 4, 2024 suggests an attempt to test the resistance area near the level of 28.70. Further, a continuation of the fall in quotes with a target below the level of 25.75. The cancellation of the option of falling prices for Silver will be strong growth and a breakout of the level of 29.95. This will indicate a breakout of the resistance area. In this case, we should expect the Silver price to continue to rise with a target at 31.85.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
