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 23.07. 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 from the current levels. At the moment, we should expect an attempt to develop a rise in the value of the metal and a test of the resistance level near the 23.35 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 21.35.
XAG/USD Forecast Silver and Analysis January 6, 2022
An additional signal in favor of a fall 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 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 6, 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 an area below the level of 25.95. Expect an acceleration of the fall in XAG/USD quotes with the breakdown of the support area and closing of the price below 22.25, which will indicate a breakdown of the lower border of the bullish channel of the current correction.
XAG/USD Forecast Silver and Analysis January 6, 2022 suggests an attempt to test the resistance area near the 23.35 level. Further, the continuation of the fall in quotations with a target below the level of 21.35. 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 25.95.
