Silver continue to move as part of the correction and the formation of the “Head and Shoulders” pattern. At the time of the publication of the forecast, the price of Silver is 22.81. Moving averages indicate the presence of a bullish trend that is coming to an end. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in value already from current levels. At the moment, we should expect an attempt to develop an increase in the value of the metal and a test of the resistance level near the area of 23.45. Where should we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 21.05 as part of the start of working out the reversal pattern “Head and Shoulders”.
XAG/USD Forecast Silver and Analysis February 2, 2022
An additional signal in favor of falling quotes and prices for XAG/USD Silver will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the ”Head and Shoulders” pattern. Cancellation of the option of falling prices for Silver on February 2, 2022 will be a strong growth and a breakdown of 24.85. This will indicate a breakdown of the resistance area and a continuation of the rise to the area above the level of 26.65. Expect an acceleration in the fall of XAG/USD quotes with a breakdown of the support area and closing the price below the level of 21.70.
XAG/USD Forecast Silver and Analysis February 2, 2022 suggests an attempt to test the resistance area near the level of 23.45. Further, the continuation of the fall of quotations with the target below the level of 21.05. Cancellation of the option of falling prices for Silver will be a strong growth and a breakdown of the level of 24.85. This will indicate a breakdown of the resistance level and the cancellation of the Head and Shoulders reversal pattern. In this case, we should expect the price to continue rising above the level of 26.65.
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