Silver continue to move as part of the decline and the formation of the «Wedge» model. At the time of the publication of the forecast, the price of Silver is 17.80 Dollars. Moving averages indicate an uptrend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a likely upward rebound from current levels. At the moment, we should expect an attempt to develop a decrease in the cost of metal and a test of the support level near the area of 17.45. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 19.05.
XAG/USD Forecast Silver and Analysis January 23, 2020
An additional signal in favor of rising 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 the rise will be a rebound from the lower boundary of the «Wedge» model. Cancellation of the option of rising Silver prices on January 23, 2020 will be a fall and a breakdown of 17.15. This will indicate a breakdown of the support area and continued decline to the area below the level of 16.45. Expect to accelerate the growth of XAG/USD quotes with the breakdown of the resistance area and closing above the level of 18.25.
XAG/USD Forecast Silver and Analysis January 23, 2020 suggests an attempt to test the support area near the level of 17.45. Further, the continued growth of quotations with a target above the level of 19.05. Cancellation of the option of rising prices for Silver will be a fall and a breakdown of the level of 17.15. This will indicate a breakdown of the support level. In this case, we should expect continued decline in prices below the level of 16.45.
