The quotes of XAG/USD continue to move within the framework of the fall and have left the bullish channel. At the time of publication of the forecast, the Silver price is 31.01. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, 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 a bullish correction in the price of metal and a test of the resistance level near the 32.05 area. From where we should expect a downward rebound and a continuation of the fall in the price of Silver with a target below the level of 28.45.
Silver Forecast XAGUSD for November 7, 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 lower border of the bullish channel, which was broken down by sellers. Cancellation of the option of a decrease in prices for Silver on November 7, 2024 will be strong growth and a breakout of 33.65. This will indicate a breakout of the resistance area and continued growth to the area above the level of 35.05. 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 30.65.
Silver Forecast XAGUSD for November 7, 2024 suggests an attempt to test the resistance area near the level of 32.05. Further, the continuation of the fall in quotes with a target below the level of 28.45. The cancellation of the option of a decrease in Silver prices will be a strong growth and a breakout of the level of 33.65. This will indicate a breakout of the resistance area. In this case, we should expect a continuation of the rise in the price of Silver with a target at the level of 35.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
