The quotes of XAG/USD continue to move within the framework of the growth development and the beginning of the implementation of the “Wedge” reversal pattern. At the time of publication of the forecast, the Silver price is 34.04. Moving averages indicate the presence of a bullish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth in value from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the value of the metal and a test of the support level near the area of 33.45. Where should we expect an upward rebound and continued growth in the price of Silver with a target above the level of 35.75.
Silver Forecast XAGUSD for October 30, 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 growth option for Silver prices on October 30, 2024 will be a fall and a breakout of 32.55. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 30.65. We should expect an acceleration of the growth of XAG/USD quotes with a breakout of the resistance area and a price close above the level of 34.65.
Silver Forecast XAGUSD for October 30, 2024 suggests an attempt to test the support area near the level of 33.45. Further, the continuation of the growth of quotes with a target above the level of 35.75. The option of a rise in Silver prices will be cancelled by a fall and a breakout of the 32.55 level. This will indicate a breakout of the support area. In this case, we should expect a continuation of the decline in Silver prices with a target at the level of 30.65.
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