Silver continue to move as part of the growth and the beginning of the development of the “Double Bottom” reversal pattern. At the time of the publication of the forecast, the price of Silver is 23.37. 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 already from 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 area of 22.55. Where can we expect a rebound upwards and a continuation of the growth in the price of Silver with a target above the level of 25.35 as part of the start of working out the reversal pattern.
XAG/USD Forecast Silver and Analysis January 19, 2022
An additional signal in favor of the rise in 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 upper border of the descending channel. Cancellation of the option of rising prices for Silver on January 19, 2022 will be a fall and a breakdown of 21.55. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 20.05. It is worth expecting an acceleration of the rise in XAG/USD quotes with a breakdown of the resistance area and closing the price above the level of 23.95, which will indicate an exit beyond the “Double Bottom” reversal pattern.
XAG/USD Forecast Silver and Analysis January 19, 2022 suggests an attempt to test the support area near the level of 22.55. Further, the continuation of the growth of quotations with the target above the level of 25.35. Cancellation of the option of raising prices for Silver will be a fall and a breakdown of the level of 21.55. 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 20.05.
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