Silver ends the trading week near the 26.39 area. Quotes continue to move within the framework of the growth and the upward channel. Here, the formation of the “Double Bottom” reversal pattern was completed. Moving averages indicate a bullish trend for the pair. Prices moved up from the area between the signal lines, which indicates pressure from metal buyers and a potential continuation of growth from the 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 25.05 area. Further, the continued growth in the price of Silver with a potential target above the level of 32.35.
Silver Forecast and XAG/USD Analysis January 4 — 8, 2021
In favor of the growth of quotes and prices for Silver in the current trading week of January 4 — 8, 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 21.55 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below the level of 18.45. Confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 28.65.
Silver Forecast and XAG/USD Analysis January 4 — 8, 2021 implies an attempt to test the support level near the 25.05 area. Then, the continued growth in Silver prices with a target above the level of 32.35. 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 21.55. This will indicate a continued decline in quotations to the area below the level of 18.45.
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