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 $24.88. Moving averages indicate the presence of a bearish trend. Prices have broken down the area between the signal lines, indicating pressure from the sellers of the asset and the 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 price of the metal and a test of the support level near the 23.85 area.
XAG/USD Forecast Silver and Analysis January 19, 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 Silver prices on January 19, 2021 will be a fall and a breakdown of 22.95. This will indicate a breakdown of the support area and a continued fall to the area below the level of 20.65. 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 25.55.
XAG/USD Forecast Silver and Analysis January 19, 2021 imply an attempt to test the support area near the 23.85 level. Further, the continued growth of quotations with a target above the level of 26.15. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 22.95. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 20.65.
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