The quotes of XAG/USD continue to move within the framework of the development of a bullish correction and a descending channel. At the time of publication of the forecast, the Silver price is 30.02. Moving averages indicate 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 price decline from the current levels. At the moment, we should expect an attempt to develop growth in the metal price and a test of the resistance level near the 30.45 area. From where we should expect a price rebound downwards and a continuation of the fall in the Silver price with a target below the level of 27.65.
Silver Forecast XAGUSD for January 7, 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. Cancellation of the option of a fall in Silver prices on January 7, 2025 will be a strong growth and a breakout of 31.55. This will indicate a breakout of the resistance area and a continuation of the rise to the area above the level of 32.95. 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 7, 2025 suggests an attempt to test the resistance area near 30.45. 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 31.55. 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 32.95.
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