Silver continues to move as part of the correction and the formation of the bullish “Wolfe Wave”. At the time of the publication of the forecast, Silver prices are at $ 25.40. Moving averages indicate the presence of a bullish trend. Prices have broken down the area between the signal lines, indicating pressure from the sellers of the asset and a potential continuation of the fall in value already 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 23.45 area. Where can we expect a rebound and continued growth in the price of Silver with a target above 27.45.
XAG/USD Forecast Silver and Analysis January 15, 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 boundary of the bullish Wolfe Wave pattern. Cancellation of the option of rising prices for Silver on January 15, 2021 will be a fall and a breakdown on May 23. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.45. Expect an acceleration of the rise in XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 26.25.
XAG/USD Forecast Silver and Analysis January 15, 2021 suggests an attempt to test the support area near the 23.45 level. Further, the continued growth of quotations with a target above the level of 27.45. Cancellation of the option to raise Silver prices will be a fall and a breakdown of the level of 23.05. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.45.
