Silver continue to move as part of the growth and the downward channel. At the time of the forecast release, Silver prices are at 22.98. Moving averages indicate a bearish trend. Prices have broken up the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth in value already 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 22.45 area. Where can we expect an upward rebound and continued growth in the price of Silver with a target above the level of 24.75 as part of the start of the “Double Bottom” reversal pattern.
XAG/USD Forecast Silver and Analysis January 13, 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 growth will be a rebound from the lower border of the reversal pattern. Cancellation of the Silver price growth option on January 13, 2022 will be a fall and a breakdown at 21.65. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.25. 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 a breakdown of the downward correction channel.
XAG/USD Forecast Silver and Analysis January 13, 2022 suggests an attempt to test the support area near the 24.75 level. Further, the continued growth of quotations with a target above the level of 24.75. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 21.65. This will indicate a breakdown of the support level and the cancellation of the reversal pattern. In this case, we should expect the price to continue falling below the level of 20.25.
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