Silver is trading at 23.98. XAG/USD quotes are moving inside the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a medium-term side trend for the instrument. As part of the Silver price forecast for today September 6, 2023, a correction is expected to develop and a test of the lower border of the Ichimoku indicator Cloud near the level of 23.95. Where should we expect a rebound upwards and continued growth in Silver prices with a potential target near the level of 25.45.
Silver Forecast and XAG/USD analysis for September 6, 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 selling Silver, due to the crossing of the signal lines of the Ichimoku indicator at the level of 24.45.
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 a closing below the level of 23.35. This option will indicate a change in the lateral 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 21.85. Expect an acceleration in the growth of XAG/USD with a breakdown of the resistance area and closing above the level of 24.75, which will indicate a breakdown of the upper border of the bearish channel.
Silver Forecast and XAG/USD analysis for September 6, 2023 suggests an attempt to develop a correction and test the support level near the 23.95 area. Where should we expect an attempt to increase XAG/USD quotes with a potential target near the level of 25.45. Cancellation of the option of raising the instrument will be a fall and a breakdown of the area of 23.35. In this case, we should expect a continuation of the decline with a potential target below the level of 21.85.
