Silver is trading at 18.51. XAG/USD quotes are moving above the upper border of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a medium-term bullish trend for the instrument. As part of the Silver rate forecast for today September 9, 2022, a correction is expected to develop and a test of the lower border of the Ichimoku indicator Cloud near the level of 18.10. Where should we expect a rebound upwards and continued growth in Silver prices with a potential target near the level of 19.35.
Silver Forecast and XAG/USD analysis September 9, 2022
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 18.05.
Cancellation of the growth option for quotations and prices for Silver will be a fall and a breakdown of the lower boundary of the Cloud of the initiator with closing under the level of 17.75. This option will indicate a change in the bullish trend in favor of the bearish trend for Silver. In this case, we should expect a continuation of the fall with a potential target near the area of 16.35. Expect an acceleration in the growth of XAG/USD with a breakdown of the resistance area and closing above the level of 19.05.
Silver Forecast and XAG/USD analysis September 9, 2022 suggests an attempt to develop a correction and test the support level near the 18.10 area. Where should we expect an attempt to increase XAG/USD quotes with a potential target near the level of 19.35. Cancellation of the option of raising the instrument will be a fall and a breakdown of the area of 17.75. In this case, we should expect a continuation of the decline with a potential target below the level of 16.35.