The quotes of XAG/USD continue to move within the framework of the development of the bullish correction and bearish channel. At the time of publication of the forecast, the Silver price is 30.52. 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 price growth from the current levels. At the moment, we should expect an attempt to develop a bullish correction in the metal price and a test of the resistance level near the 30.85 area. From where we should 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 28, 2025
An additional signal in favor of a fall 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. Cancellation of the option of a fall in prices for Silver on January 28, 2025 will be a strong growth and a breakout of 31.75. This will indicate a breakout of the resistance area and continued growth to the area above the level of 33.45. We should expect the acceleration of the decline in XAG/USD quotes with a breakout of the support area and the price closing below the level of 29.65, which will indicate a breakout of the lower boundary of the bullish correction channel.
Silver Forecast XAGUSD for January 28, 2025 suggests an attempt to test the resistance area near the level of 30.85. Further, the continuation of the fall in quotes with a target below the level of 27.85. The cancellation of the option of falling prices for Silver will be a strong growth and a breakout of the level of 31.75. This will indicate a breakout of the resistance area. In this case, we should expect the continuation of the growth of the Silver price with a target at the level of 33.45.
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