The quotes of XAG/USD continue to move within the framework of the development of a strong bullish correction and a descending channel. At the time of publication of the forecast, the Silver price is 30.60. Moving averages indicate the presence of a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in value from the current levels. At the moment, we should expect an attempt to develop growth in the value of the metal and a test of the resistance level near the area of 30.85. Where should we expect a price rebound downwards and a continuation of the fall in the price of Silver with a target below the level of 27.85.
Silver Forecast XAGUSD for January 16, 2025
An additional signal in favor of a decrease in quotes and prices for Silver XAG/USD will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the upper border of the bearish channel. The cancellation of the option of falling prices for Silver on January 16, 2025 will be strong growth and a breakout of 31.95. This will indicate a breakout of the resistance area and a continuation of the rise to the area above the level of 33.75. We should expect an acceleration of the fall in XAG/USD quotes with a breakout of the support area and a price close below the level of 28.95, which will indicate a breakout of the lower border of the bullish correction channel.
Silver Forecast XAGUSD for January 16, 2025 suggests an attempt to test the resistance area near the level of 30.85. Further, a continuation of the fall in quotes with a target below the level of 27.85. The cancellation of the Silver price decline option will be a strong growth and a breakout of the 31.95 level. This will indicate a breakout of the resistance area. In this case, we should expect the Silver price to continue to grow with a target at 33.75.
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