Silver continues to move as part of the rally and the formation of the bullish Wolfe Wave pattern. At the time of the publication of the forecast, the price of Silver is at $ 25.51. Moving averages indicate the presence of a bearish trend. Prices are retesting the area between the signal lines, which indicates 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 area of 24.45.Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 27.55.
XAG/USD Forecast Silver and Analysis January 21, 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 21, 2021 will be a fall and a breakdown of 22.75. 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 25.95.
XAG/USD Forecast Silver and Analysis January 21, 2021 suggests an attempt to test the support area near the 24.45 level. Further, the continued growth of quotations with a target above the level of 27.55. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 22.75. 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.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link