Silver continue to move within the growth and the ascending channel. At the time of the forecast release, Silver prices are at $ 27.30. Moving averages indicate a bullish trend. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise in value from the 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 26.65 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.75.
XAG/USD Forecast Silver and Analysis January 6, 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 border of the ascending channel. Cancellation of the Silver price growth option on January 6, 2021 will be a fall and a breakdown of 25.35. This will indicate a breakdown of the support area and a continued fall to the area below the level of 24.35. 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 28.65, such a price movement will indicate a breakdown of the upper border of the ascending channel.
XAG/USD Forecast Silver and Analysis January 6, 2021 suggests an attempt to test the support area near the 26.65 level. Further, the continued growth of quotations with a target above the level of 29.75. Cancellation of the option to raise prices for Silver will be a fall and a breakdown of the level of 25.35. This will indicate a breakdown of the support level. In this case, we should expect the price to continue falling below the level of 24.35.
