The quotes of XAG/USD continue to move within the framework of the development of strong growth and a bullish channel. At the time of the forecast publication, the Silver price is 31.56. The moving averages indicate an upward trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and potential continuation of price growth from current levels. At the moment, we should expect an attempt to develop a bearish correction in the metal price and a test of the support level near the 31.05 area. Where should we expect a price rebound upwards and continued growth in the price of Silver with a target above the 33.05 level.
Silver Forecast XAGUSD for January 31, 2025
An additional signal in favor of growth in 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 growth will be a rebound from the lower border of the bullish channel. The cancellation of the option of growth in Silver prices on January 31, 2025 will be a fall and a breakout of 30.55. This will indicate a breakout of the support area and a continuation of the fall to the area below the 29.05 level. We should expect an acceleration of growth in XAG/USD quotes with a breakout of the resistance area and a price close above the 32.05 level.
Silver Forecast XAGUSD for January 31, 2025 suggests an attempt to test the support area near the level of 31.05. Further, the continuation of the growth of quotes with a target above the level of 33.05. The cancellation of the option of increasing prices for Silver will be a fall and a breakout of the level of 30.55. This will indicate a breakout of the support area. In this case, we should expect a continuation of the decline in the price of Silver with a target at the level of 29.05.
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