The quotes of XAG/USD continue to move as part of the development of the fall and the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, prices for Silver are 23.88. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a bullish correction in the price of the metal and a test of the resistance level near the 24.25 area. Where can we expect a downward rebound and a continuation of the fall in the price of Silver with a target below the level of 21.55.
Silver Forecast for January 4, 2024
An additional signal in favor of a fall in quotes and prices for Silver XAG/USD will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the upper boundary of the Head and Shoulders reversal pattern. Cancellation of the option of falling prices for Silver on January 3, 2024 will be a strong growth and a breakdown of 26.25. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 27.65. 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 22.15, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets below.
Silver Forecast for January 4, 2024 suggests an attempt to test the resistance area near the 24.25 level. Further, quotes continue to fall with a target below the level of 21.55. Cancellation of the option to reduce prices for Silver will be a strong growth and a breakdown of the level of 26.25. This will indicate a breakdown of the resistance area. In this case, we should expect the price of Silver to continue to rise with a target at 27.65.
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