Silver is trading at 18.37. XAG/USD quotes are moving below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a medium-term bearish trend for the instrument. As part of the Silver price forecast for today September 8, 2022, a correction is expected to develop and a test of the lower border of the Ichimoku indicator Cloud near the level of 18.45. Where should we expect a rebound down and a continuation of the fall in Silver prices with a potential target near the level of 16.85.
Silver Forecast and XAG/USD analysis September 8, 2022
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 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 18.05.
Cancellation of the option of rising quotes and prices for Silver will be a fall and a breakdown of the lower boundary of the Cloud of the initiator with closing below the level of 19.15. This option will indicate a change in the bearish trend in favor of the bullish trend for Silver. In this case, we should expect continued growth with a potential target near the 20.65 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 17.80.
Silver Forecast and XAG/USD analysis September 8, 2022 suggests an attempt to develop a correction and test the resistance level near the 18.45 area. Where should we expect an attempt to fall in XAG/USD quotes with a potential target near the level of 16.85. Cancellation of the option to reduce the instrument will be a strong growth and a breakdown of the area of 19.15. In this case, we should expect a continuation of the rise with a potential target above the level of 20.65.