Silver is trading at 22.64. XAG/USD quotes are moving below the lower 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 17, 2023, a correction is expected to develop and a test of the lower boundary of the Ichimoku indicator Cloud near the level of 22.80. Where can we expect a rebound down and a continuation of the fall in Silver prices with a potential target near the level of 21.35.
Silver Forecast and XAG/USD analysis for August 17, 2023
An additional signal in favor of such a movement of XAG/USD quotes will be a test of the resistance level on the price chart. The second signal in favor of growth will be a rebound from the upper border of the bearish channel. Earlier, a medium-strength signal was received for selling Silver, due to the crossing of the signal lines of the Ichimoku indicator at the level of 24.35.
Cancellation of the option of falling quotes and prices for Silver will be a strong growth and a breakdown of the upper border of the indicator Cloud with a closing above the level of 23.85. This option will indicate a change in the bearish trend in favor of the bullish trend in Silver. In this case, we should expect continued growth with a potential target near the 25.65 area. It is worth expecting an acceleration of the fall of XAG/USD with a breakdown of the support area and closing under the level of 21.95.
Silver Forecast and XAG/USD analysis for August 17, 2023 suggests an attempt to develop a correction and test the resistance level near the 22.80 area. Where should we expect an attempt to fall in XAG/USD quotes with a potential target near the level of 21.35. Cancellation of the option to reduce the instrument will be a strong growth and a breakdown of the area of 23.85. In this case, we should expect continued growth with a potential target above the level of 25.65.
