The quotes of XAG/USD continue to move within the framework of the development of the fall and the bullish channel. At the time of publication of the forecast, the Silver price is 31.72. 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 price decline from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the metal price and a test of the support level near the 30.65 area. From where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 33.85.
Silver Forecast XAGUSD for November 8, 2024
An additional signal in favor of growth in quotes and prices for Silver XAG/USD will be a test of the support 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. The cancellation of the option for growth in prices for Silver on November 8, 2024 will be a fall and a breakout of 29.55. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 24.15. Expect the acceleration of growth of XAG/USD quotes with a breakout of the resistance area and closing of the price above the level of 32.45, which will indicate a breakout of the upper boundary of the descending channel.
Silver Forecast XAGUSD for November 8, 2024 suggests an attempt to test the support area near the level of 30.65. Further, the continuation of the growth of quotes with a target above the level of 33.85. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 29.55. This will indicate a breakout of the support area. In this case, we should expect a continuation of the decline in the price of Silver with a target at the level of 24.15.
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