The quotes of XAG/USD continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the Silver price is 29.40. Moving averages indicate the presence of a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall in price from the current levels. At the moment, we should expect an attempt to develop growth in the cost of the metal and a test of the resistance level near the 29.55 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 26.65.
Silver Forecast XAGUSD for January 4, 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 3, 2025 will be a strong growth and a breakout of 30.75. This will indicate a breakout of the resistance area and a continuation of the rise to the area above the level of 32.45. It is worth expecting an acceleration of the fall of XAG/USD quotes with a breakout of the support area and closing of the price below the level of 28.35.
Silver Forecast XAGUSD for January 4, 2025 suggests an attempt to test the resistance area near the level of 29.55. Further, the continuation of the fall of quotes with a target below the level of 26.65. The cancellation of the option of falling prices for Silver will be a strong growth and a breakout of the level of 30.75. This will indicate a breakout of the resistance area. In this case, it is worth expecting a continuation of the growth of the Silver price with a target at the level of 32.45.
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