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 30.14. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, 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 30.75 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 27.75.
Silver Forecast XAGUSD for January 9, 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 prices for Silver on January 9, 2025 will be a strong growth and a breakout of 32.05. This will indicate a breakout of the resistance area and a continuation of the rise to the area above the level of 33.45. Expect the acceleration of the decline in XAG/USD quotes with a breakout of the support area and closing of the price below the level of 29.55, which will indicate a breakout of the lower boundary of the bullish correction channel.
Silver Forecast XAGUSD for January 9, 2025 suggests an attempt to test the resistance area near the level of 30.75. Further, the continuation of the fall in quotes with a target below the level of 27.75. The cancellation of the option of a decrease in Silver prices will be a strong growth and a breakout of the level of 32.05. 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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