Silver complete the trading week near the area of 23.033. Quotes continue to move as part of the rise and the downward channel. The potential for the formation of a double bottom reversal pattern remains. Moving averages indicate the presence of a bearish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the metal and a potential continuation of the decline already from 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 area of 21.95. Further, the continuation of the rise in the price of Silver with a potential target above the level of 29.85.
Silver Weekly Forecast January 17 — 21, 2022
In favor of the growth of quotes and prices for Silver in the current trading week January 17 — 21, 2022 there will be a rebound from the support line on the relative strength index (RSI). 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 18.75 area. This will indicate a breakdown of the support area and a continuation of the fall in Silver prices with a target below the level of 15.45. A confirmation of the development of growth will be a breakdown of the resistance level and closing prices above the level of 26.45, which will indicate that the price has gone beyond the downward correction channel, as well as the beginning of the development of the “Double Bottom” reversal pattern.
Silver Weekly Forecast January 17 — 21, 2022 suggests an attempt to test the support level near the 21.95 area. Then, the continuation of the rise in prices for Silver with a target above the level of 29.85. In favor of the rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the XAG/USD growth option will be a fall and a breakdown of the level of 18.75. This will indicate a continued decline in quotes to the area below the level of 15.45.
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