Silver end the trading week near the level of 24.94. XAG/USD continues to trade above the upper boundary of the Ichimoku Kinko Hyo indicator Cloud. This indicates a bullish trend for Silver. As part of the forecast for the current trading week, a correction is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 24.65. Where can we expect an attempt to rebound upward and continue growth with a target near the level of 27.45.
Silver Forecast XAG/USD April 1 — 5, 2024
An additional signal in favor of a decrease in Silver prices in the current trading week of April 1 — 5, 2024 will be a rebound from the support area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal for buying Silver was received due to the intersection of signal lines at the level of 22.75.
Cancellation of the growth option for Silver quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the area of 22.05. This will indicate a change in the bullish trend in favor of a bearish trend and a continued fall in Silver prices. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing of quotes above the level of 26.15.
Silver Forecast XAG/USD April 1 — 5, 2024 assumes an attempt to develop a price correction to the level of 24.65. Where can we expect a rebound and continued growth in quotes and prices for the precious metal with a potential target near the level of 27.45. A test of the support level on the price chart will support the rise. Cancellation of the option to increase the cost of Silver will be a fall and a breakdown of the 24.65 area. In this case, we should expect a continuation of the decline with a target at 18.15.
