Silver continue to move as part of the correction and the formation of the bearish pattern ”5-0”. At the time of this forecast, Silver prices are at 23.20. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop the growth in the value of the metal and a test of the resistance level near the 23.45 area. Where can we expect a rebound down and the continuation of the fall in the price of Silver with a target below the level of 21.45.
XAG/USD Forecast Silver and Analysis January 4, 2022
An additional signal in favor of falling 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 a decline will be a rebound from the upper border of the ”5-0” pattern. Cancellation of the option of falling Silver prices on January 4, 2022 will be a strong growth and a breakdown of 24.25. This will indicate a breakdown of the resistance area and continued growth to the area below the level of 25.85. Expect to accelerate the fall in XAG/USD quotes with the breakdown of the support area and closing the price below 22.35, which will indicate a breakdown of the lower border of the bullish channel of the current correction.
XAG/USD Forecast Silver and Analysis January 4, 2022 suggests an attempt to test the resistance area near the 23.45 level. Further, the continuation of the fall in quotations with a target below the level of 21.45. Cancellation of the option to reduce Silver prices will be strong growth and a breakdown of the level of 24.25. This will indicate a breakdown of the resistance level. In this case, we should expect the price to continue to rise above the level of 25.85.
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