Silver is trading at 23.76. XAG/USD quotes are moving above the upper border of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a medium-term bearish trend for the instrument. As part of the Silver price forecast for today August 24, 2023, a correction is expected to develop and a test of the area of the Ichimoku indicator signal lines near the level of 23.55. Where can we expect a rebound upwards and a continuation of the fall in Silver prices with a potential target near the level of 24.85.
Silver Forecast and XAG/USD analysis for August 24, 2023
An additional signal in favor of such a movement of XAG/USD quotes will be a test of the support level on the price chart. The second signal in favor of growth will be a rebound from the upper border of the bullish channel. Earlier, a weak signal was received for buying Silver, due to the crossing of the signal lines of the Ichimoku indicator at the level of 22.55.
Cancellation of the growth option for quotations and prices for Silver will be a fall and a breakdown of the lower border of the indicator Cloud with closing below the level of 22.15. This option will indicate a change in the bullish trend in favor of the bearish trend in Silver. In this case, we should expect continued growth with a potential target near the area of 19.45. Expect an acceleration in the growth of XAG/USD with a breakdown of the resistance area and closing above the level of 23.65.
Silver Forecast and XAG/USD analysis for August 24, 2023 suggests an attempt to develop a correction and test the support level near the area of 23.55. Where should we expect an attempt to increase XAG/USD quotes with a potential target near the level of 24.85. Cancellation of the option of rising the instrument will be a fall and a breakdown of the area of 22.15. In this case, we should expect a continuation of the decline with a potential target below the level of 19.45.
