Silver are completing the trading week near the 22.18 area. Quotes continue to move within the framework of the rise and the downtrend channel. The potential remains for the formation of a “Double Bottom” reversal pattern. Moving averages indicate a bearish trend for the pair. Prices broke through the area between the signal lines downward, which indicates pressure from sellers of the metal and a potential continuation of the decline from the current levels. At the moment, we should expect an attempt to develop a fall in the value of the asset and a test of the support level near the 21.85 area. Further, the continuation of the rise in the price of Silver with a potential target above the level of 27.45.
Silver Weekly Forecast January 10 — 14, 2022
In favor of the growth of quotations and prices for Silver in the current trading week January 10 — 14, 2022 there will be a rebound from the trend line on the relative strength index (RSI), as we see, the market continues to push off from this line. The second signal will be a rebound from the lower border of the bearish channel. Cancellation of the growth option for XAG/USD quotes will be a fall and a breakdown of the 18.45 area. This will indicate a breakdown of the support area and a continued fall in Silver prices with a target below 15.05. Confirmation of the growth development will be the breakdown of the resistance level and the closing of prices above the level of 26.35, which will indicate the price going beyond the downward correction channel, as well as the beginning of the “Double Bottom” reversal pattern.
Silver Weekly Forecast January 10 — 14, 2022 implies an attempt to test the support level near the 21.85 area. Then, the continued growth in Silver prices with a target above the level of 27.45. 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 18.45. This will indicate a continued decline in quotations to the area below the level of 15.05.
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