Silver ends the trading week near the 26.48 area. Quotes continue to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend for the pair. Prices moved up from the area between the signal lines, which indicates pressure from buyers of the metal and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a minor correction in the value of the asset and a test of the support level near the area of 24.45. Further, the continued growth in the price of Silver with a potential target above the level of 34.95.
Silver Forecast and XAG/USD Analysis January 11 — 15, 2021
In favor of the growth of quotes and prices for Silver in the current trading week January 11 — 15, 2021 a rebound from the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to raise XAG/USD quotes will be a fall and a breakdown of the 20.45 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 17.65. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 28.95.
Silver Forecast and XAG/USD Analysis January 11 — 15, 2021 implies an attempt to test the support level near the 24.45 area. Then, the continued growth in Silver prices with a target above the level of 34.95. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 20.45. This will indicate a continued decline in quotations to the area below the level of 17.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link