ForecastCity
Long

A second Chance to Buy in XAGUSD...

FOREXCOM:XAGUSD   Silver / U.S. Dollar
New trading suggestion:
* The price is in a range bound and we forecast the uptrend would resume.
* There is still a possibility of temporary retracement to suggested support line (15.85). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT, you have a second chance to buy above the suggested support line (15.85).

Midterm forecast:
. While the price is above the support 15.85, resumption of uptrend is expected.
. We make sure when the resistance at 18.35 breaks.
. If the support at 15.85 is broken, the short-term forecast -resumption of uptrend- will be invalid.
. We will close our open trades, if the Midterm level 15.85 is broken.

Technical analysis:
. The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
. While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 18.35 on 06/ 01 /2020, so more losses to support(s) 17.50, 16.50 and minimum to Major Support (15.85) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 57.
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Comments

Thank you for the consistent info
+1 Reply
ForecastCity Headsplitter
Reply
Love the clean analysis, very nice
+1 Reply
ForecastCity sara-kian-fx
@sara-kian-fx, Thank you for sharing your honest feedback
Reply
Nice Set-up
+1 Reply
ForecastCity Kristalyn
@Kristalyn, Thank you!
Reply
Great analysis
+1 Reply
@Kamryn, Thank you for your comment
Reply
Great analysis
+1 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, Thank you for your comment
Reply
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