Quotes of Silver XAG/USD end the trading week near the 29.39 area. Quotes continue to move within the development of a bearish correction and a bullish channel. Moving averages indicate an upward trend for the asset. Prices are testing the area between the signal lines, which indicates pressure from metal buyers and potential continued growth from current levels. At the moment, we should expect an attempt to develop a fall in the asset value and a test of the support level near the 27.65 area. Further, the continuation of the growth of the Silver price with a potential target above the 33.95 level.
Silver Forecast December 30, 2024 — January 3, 2025
A rebound from the support line on the relative strength indicator will act in favor of the growth of quotes and prices for Silver in the current trading week from December 30, 2024 — January 3, 2025. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the option of increasing XAG/USD quotes will be a fall and a breakout of the 25.35 area. This will indicate a breakout of the support area and a continuation of the fall in Silver prices with a target below the level of 24.05. The development of growth will be confirmed by a breakout of the resistance level and closing of prices above the level of 31.75, which will indicate a breakout of the upper border of the descending correction channel.
Silver Forecast December 30, 2024 — January 3, 2025 suggests an attempt to test the support level near the area of 27.65. Then, the continuation of the growth of Silver prices with a target above the level of 33.95. The test of the trend line on the relative strength indicator will be in favor of the rise. The cancellation of the growth option for XAG/USD will be a fall and a breakout of the level of 25.35. This will indicate a continuation of the decline in quotes to the area below the level of 24.05.
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