Silver complete the trading week near the level of 24.47. XAG/USD continues to trade above the upper border of the Cloud of the Ichimoku Kinko Hyo indicator. 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 lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 23.65. Where should we expect an attempt to rebound upwards and continue to grow with a target near the level of 27.35.
Silver Forecast XAG/USD September 4 — 8, 2023
An additional signal in favor of rising Silver prices in the current trading week September 4 — 8, 2023 will be a rebound from the support area on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Earlier, a weak signal was received for buying Silver, due to the crossing of the signal lines at the level of 23.75.
Cancellation of the option of raising Silver quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 22.65. This will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the fall in the price of Silver. 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 25.45, which will indicate a breakdown of the upper limit of the downward correction channel.
Silver Forecast XAG/USD September 4 — 8, 2023 suggests an attempt to develop a price correction to the level of 23.65. Where should we expect a rebound and continued growth of quotations and prices for the precious metal with a potential target near the level of 27.35. In favor of the rise will be a test of the support level on the price chart. Cancellation of the growth option for Silver will be a fall and a breakdown of the area of 22.65. In this case, we should expect a continuation of the decline with the target at the level of 20.75.
