Silver continue to move as part of the fall and completion of the bearish pattern ”5-0”. At the time of the forecast release, Silver prices are at 22.29. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth in value from the current levels. At the moment, we should expect an attempt to develop a decline in the value of the metal and a test of the support level near the 21.60 area. Where can we expect a rebound upward and the continuation of the rise in the price of Silver with a target above the level of 24.25.
XAG/USD Forecast Silver and Analysis January 11, 2022
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the trend line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the lower border of the “Double Bottom” reversal pattern. Cancellation of the option of rising prices for Silver on January 11, 2022 will be a fall and a breakdown of 20.85. This will indicate a breakdown of the support area and a continued fall to the area below the level of 19.25. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing of the price above the level of 23.55, which will indicate the completion of the formation of the “Double Bottom” reversal pattern.
XAG/USD Forecast Silver and Analysis January 11, 2022 suggests an attempt to test the support area near the 21.60 level. Further, the continued growth of quotations with a target above the level of 24.25. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 20.85. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 19.25.
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