Silver is trading at 23.56. XAG/USD quotes are moving below the lower boundary 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 September 7, 2023, a correction is expected to develop and a test of the lower border of the Ichimoku indicator Cloud near the level of 23.75. Where should we expect a downward rebound and a continuation of the fall in Silver prices with a potential target near the level of 22.35.
Silver Forecast and XAG/USD analysis for September 7, 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 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 option of falling quotes and prices for Silver will be a strong growth and a breakdown of the upper border of the Cloud of the indicator with a close above the level of 24.75. 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 area of 26.05. 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 23.25.
Silver Forecast and XAG/USD analysis for September 7, 2023 suggests an attempt to develop a correction and test the resistance level near the area of 23.75. Where should we expect an attempt to fall in XAG/USD quotes with a potential target near the level of 22.35. Cancellation of the option to reduce the instrument will be a strong growth and a breakdown of the area of 24.75. In this case, we should expect continued growth with a potential target above the level of 26.05.
