The quotes of XAG/USD continue to move within the framework of the development of the fall and the bearish channel. At the time of publication of the forecast, the Silver price is 31.22. 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 price decline from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the metal price and a test of the resistance level near the 31.90 area. Where we should expect a downward rebound and a continuation of the fall in the Silver price with a target below the level of 29.25.
Silver Forecast XAGUSD for November 12, 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. Cancellation of the option of a decrease in Silver prices on November 12, 2024 will be a strong growth and a breakout of 33.05. This will indicate a breakout of the resistance area and continued growth to the area above the level of 34.65. Expect the XAG/USD quotes to accelerate their decline with a breakout of the support area and a price close below 30.85.
Silver Forecast XAGUSD for November 12, 2024 suggests an attempt to test the resistance area near 31.90. Further, the quotes will continue to fall with a target below 29.25. The cancellation of the Silver price decline option will be a strong growth and a breakout of 33.05. 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 34.65.
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