Silver end the trading week near the level of 22.74. XAG/USD continues to trade below the lower boundary of the Ichimoku Kinko Hyo indicator Cloud. This indicates a bearish trend for Silver. As part of the forecast for the current trading week, a correction is expected to develop and a test of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 23.05. Where can we expect an attempt to rebound downwards and continue the fall with a target near the level of 20.25.
Silver Forecast XAG/USD March 4 — 8, 2024
An additional signal in favor of a decrease in Silver prices in the current trading week of March 4 — 8, 2024 will be a rebound from the resistance area on the price chart. The second signal will be a rebound from the upper border of the bearish 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 option to reduce Silver quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 24.15 area. This will indicate a change in the sideways trend in favor of the bullish trend and continued growth in Silver prices. Expect an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing of quotes below the level of 21.70, which will indicate a breakdown of the lower boundary of the bullish channel.
Silver Forecast XAG/USD March 4 — 8, 2024 assumes an attempt to develop a price correction to the level of 23.05. Where can we expect a rebound and a continuation of the fall in quotes and prices for the precious metal with a potential target near the level of 20.25. A test of the resistance level on the price chart will support the decline. Cancellation of the option to fall in the value of Silver will be a strong growth and a breakdown of the 24.15 area. In this case, we should expect a continuation of the rise with a target at 26.75.
