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29.01.202504:54 Forex Analysis & Reviews: Forecast for Silver on January 29, 2025

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On the weekly chart, silver appears to be firmly positioned above the MACD indicator line, with the bodies of the weekly candlesticks entirely above this line. The only obstacle ahead is the balance line.

Exchange Rates 29.01.2025 analysis

However, the price is likely to attempt a breakout, as the growth potential looks promising if it can overcome the resistance at 30.97, which is the high from the previous week.

Exchange Rates 29.01.2025 analysis

On the daily chart, the Marlin oscillator is developing above the zero line within the growth zone. Before reaching the 30.97 level, the price will need to surpass the MACD line. A breakout above 30.97 would open the door to targets at 31.42 and then 32.28, which is the peak from December 12.

Exchange Rates 29.01.2025 analysis

Similarly, on the four-hour chart, the 30.97 level is reinforced by the MACD line. Today's Federal Reserve meeting could potentially provide silver with the needed upward momentum. The Marlin oscillator is positioned for this move, having shifted into positive territory.

Laurie Bailey
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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