The quotes of XAG/USD continue to move within the framework of the development of a bullish correction and a descending channel. At the time of publication of the forecast, the Silver price is 29.67. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines again, 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 growth in the cost of metal and a test of the resistance level near the 30.25 area. From where we should expect a price rebound downwards and a continuation of the fall in the price of Silver with a target below the level of 27.85.
Silver Forecast XAGUSD for December 24, 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 falling prices for Silver on December 24, 2024 will be strong growth and a breakout of 30.85. This will indicate a breakout of the resistance area and a continuation of the rise to the area above the level of 32.45. 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 29.25.
Silver Forecast XAGUSD for December 24, 2024 suggests an attempt to test the resistance area near the level of 30.25. Further, the continuation of the fall in quotes with a target below the level of 27.85. The cancellation of the option of a decrease in Silver prices will be a strong growth and a breakout of the level of 30.85. This will indicate a breakout of the resistance area. In this case, we should expect continued growth in the price of Silver with a target at the level of 32.45.
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