Silver is trading at 24.56. 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 bullish trend for the instrument. As part of the Silver price forecast for today August 31, 2023, a correction is expected to develop and a test of the area of the signal lines of the Ichimoku indicator near the level of 24.35. Where can we expect a rebound upwards and a continuation of the fall in Silver prices with a potential target near the level of 25.75.
Silver Forecast and XAG/USD analysis for August 31, 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 lower 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 23.05. 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 21.75. It is worth expecting an acceleration in the growth of XAG/USD with a breakdown of the resistance area and closing above the level of 25.25, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
Silver Forecast and XAG/USD analysis for August 31, 2023 suggests an attempt to develop a correction and test the support level near the 24.35 area. Where should we expect an attempt to increase XAG/USD quotes with a potential target near the level of 25.75. Cancellation of the option of rising the instrument will be a fall and a breakdown of the area on 23.05. In this case, we should expect a continuation of the decline with a potential target below the level of 21.75.
