Silver continue to move as part of a strong downward correction and a bullish channel. At the time of the publication of the forecast, the price of Silver is 23.49. Moving averages indicate a bullish 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 continue the development of a downward correction in the value of the metal and a test of the support level near the area of 22.85. Where should we expect a rebound upwards and a continuation of the rise in the price of Silver with a target above the level of 24.65.
Silver Forecast January 12, 2023
An additional signal in favor of rising quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the bullish ”Wolfe Wave” pattern. Cancellation of the option of raising prices for Silver on January 11, 2023 will be a fall and a breakdown of 22.15. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 17.75. Expect an acceleration in the growth of XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 24.45.
Silver Forecast January 12, 2023 suggests an attempt to test the support area near the level of 22.85. Further, the continuation of the growth of quotations with the target above the level of 24.65. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 22.15. This will indicate a breakdown of the lower boundary of the bullish channel. In this case, we should expect the continuation of the fall in the price of Silver with the target at the level of 17.75.
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