The quotes of XAG/USD continue to move within the framework of the correction development and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, the Silver price is 33.36. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a bearish correction in the cost of the metal and a test of the support level near the 32.75 area. Where we should expect an upward rebound and continued growth in the price of Silver with a target above the level of 35.15.
Silver Forecast XAGUSD for October 29, 2024
An additional signal in favor of an increase 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 Silver prices on October 29, 2024 will be a fall and a breakout of 32.15. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 30.35. We should 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 34.25, which will indicate a breakout of the upper border of the “Wedge” reversal pattern and the beginning of the pattern with targets at the top.
Silver Forecast XAGUSD for October 29, 2024 suggests an attempt to test the support area near the level of 32.75. Further, the continuation of the growth of quotes with a target above the level of 35.15. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 32.15. 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 30.35.
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