Silver is trading at 24.44. XAG/USD quotes are moving above the upper boundary 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 rate forecast for today, March 13, 2024, a correction is expected to develop and a test of the upper limit of the Cloud of the Ichimoku indicator is expected near the level of 24.05. Where can we expect an upward rebound and continued growth in Silver prices with a potential target near the level of 25.65.
Silver Forecast and XAG/USD for March 13, 2024
An additional signal in favor of such a movement in 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 boundary of the bullish channel. Previously, a weak signal for buying Silver was received due to the crossing of the signal lines of the Ichimoku indicator at the level of 22.55.
Cancellation of the option to increase quotes and prices for Silver will be a fall and a breakdown of the lower border of the Indicator Cloud with quotes closing below the level of 23.05. This option will indicate a change in the bullish trend in favor of a bearish trend for Silver. In this case, we should expect a continuation of the fall with a potential target near the area of 21.75. Expect accelerated growth of XAG/USD with a breakdown of the resistance area and closing above the level of 25.35, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
Silver Forecast and XAG/USD for March 13, 2024 suggests an attempt to develop a correction and test the support level near the 24.05 area. Where can we expect an attempt to grow XAG/USD quotes with a potential target near the level of 25.65. Cancellation of the option to raise the instrument will be a fall and a breakdown of the area of 23.05. In this case, we should expect a continuation of the decline with a potential target below the level of 21.75.
