XAG/USD quotes continue to move within the bullish correction and the downward channel. At the time of the publication of the forecast, the price of Silver is 20.16. Moving averages indicate a bearish trend. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth in value already from current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the resistance level near the 20.25 area. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 18.45.
Silver Forecast and Analysis XAG/USD August 5, 2022
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the descending channel. Cancellation of the option of falling prices for Silver on August 5, 2022 will be a strong growth and a breakdown of 21.45. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 22.75. Expect an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing of the price below the level of 19.35, which will indicate a breakdown of the lower border of the bullish correction channel.
Thus, XAG/USD Forecast and Analysis for Silver for August 5, 2022 suggests an attempt to test the resistance area near the level of 20.25. Further, the continuation of the fall of quotations with the target below the level of 18.45. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 21.45. This will indicate a breakdown of the resistance level. In this case, we should expect a continuation of the rise in the price of Silver with a target at the level of 22.75.