The quotes of XAG/USD continue to move within the framework of the development of the fall and the beginning of the implementation of the “Wedge” model. At the time of publication of the forecast, the Silver price is 30.14. 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 30.75 area. 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 27.65.
Silver Forecast XAGUSD for January 29, 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 lower border of the “Wedge” reversal pattern. Cancellation of the option of falling prices for Silver on January 29, 2025 will be strong growth and a breakout of 32.05. This will indicate a breakout of the resistance area and continued growth to the area above the level of 33.65. Expect the XAG/USD quotes to accelerate their decline with a breakout of the support area and a price close below 29.45.
Silver Forecast XAGUSD for January 29, 2025 suggests an attempt to test the resistance area near 30.75. Further, the quotes will continue to fall with a target below 27.65. The cancellation of the Silver price decline option will be a strong growth and a breakout of 32.05. This will indicate a breakout of the resistance area. In this case, we should expect the Silver price to continue to rise with a target at 33.65.
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