Silver s trading at 23.07. 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 rate forecast for today, September 13, 2023, a correction is expected to develop and a test of the area of the signal lines of the Ichimoku indicator is expected near the level of 23.35. Where can we expect a downward rebound and a continuation of the fall in Silver prices with a potential target near the level of 21.65.
Silver Forecast and XAG/USD for September 13, 2023
An additional signal in favor of such a movement in 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. Previously, a weak signal for sales of Silver was received due to the intersection 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 indicator Cloud with closing above the level of 24.45. 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 area of 26.25. Expect an acceleration in the fall of XAG/USD with a breakdown of the support area and closing below the level of 22.65.
Silver Forecast and XAG/USD for September 13, 2023 suggests an attempt to develop a bullish correction and a test of the resistance level near the 23.35 area. Where can we expect an attempt to fall in XAG/USD quotes with a potential target near the level of 21.65. Cancellation of the option to reduce the instrument will be a strong growth and a breakdown of the 24.45 area. In this case, we should expect continued growth with a potential target above the level of 26.25.