Silver continue to move within the framework of a strong fall and an upward channel. At the time of the publication of the forecast, Silver prices are at $ 24.85. Moving averages indicate a bullish trend. However, prices broke the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of the metal and a test of the support level near the 24.05 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 28.45.
XAG/USD Forecast Silver and Analysis January 12, 2021
An additional signal in favor of raising 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 ascending channel. Cancellation of the option of rising prices for Silver on January 12, 2021 will be a fall and a breakdown at 22.15. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.05. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 26.45.
XAG/USD Forecast Silver and Analysis January 12, 2021 suggests an attempt to test the support area near 24.05. Further, the continued growth of quotations with a target above the level of 28.45. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 22.15. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
