The quotes of XAG/USD continue to move within the framework of the growth development and the formation of the bearish “Wolf Wave” model. At the time of publication of the forecast, the Silver price is 30.59. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines upwards, 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 growth in the cost of the metal and a test of the resistance level near the 31.05 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 29.85.
Silver Forecast XAGUSD for December 3, 2024
An additional signal in favor of a fall 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 growth will be a rebound from the upper border of the bearish Wolfe Wave model. Cancellation of the option of a decline in Silver prices on December 3, 2024 will be strong growth and a breakout of 31.75. This will indicate a breakout of the resistance area and continued growth to the area above the level of 32.65. Expect the XAG/USD quotes to accelerate their decline with a breakout of the support area and a price close below 30.05.
Silver Forecast XAGUSD for December 3, 2024 suggests an attempt to test the resistance area near 31.05. Further, the quotes will continue to fall with a target below 29.85. The cancellation of the Silver price decline option will be a strong growth and a breakout of 31.75. 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 32.65.
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