The quotes of XAG/USD continue to move within the development of growth and a bullish channel. At the time of publication of the forecast, the Silver price is 32.43. Moving averages indicate the presence of an upward trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of the growth in price from the current levels. At the moment, we should expect an attempt to develop a bearish correction in the cost of the metal and a test of the support level near the 31.85 area. Where should we expect a price rebound upwards and continued growth in the price of Silver with a target above the level of 33.65.
Silver Forecast XAGUSD for February 6, 2025
An additional signal in favor of the growth of quotes and prices for Silver XAG/USD will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of the rise will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth in prices for Silver on February 6, 2025 will be a fall and a breakout of 31.15. This will indicate a breakout of the support area and a continuation of the fall to the area below 29.25. It is worth expecting an acceleration of the growth of XAG/USD quotes with a breakout of the resistance area and the price closing above 33.05, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
Silver Forecast XAGUSD for February 6, 2025 suggests an attempt to test the support area near the level of 31.85. Further, the continuation of the growth of quotes with a target above the level of 33.65. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 31.15. This will indicate a breakout of the support area. In this case, it is worth expecting a continuation of the decline in the price of Silver with a target at the level of 29.25.
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