ForecastCity
Short

SILVER Weekly Technical Analysis Update

FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is below the resistance 29.85, beginning of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 23.39 on 08/11/2020, so more gains to resistance(s) 27.00, 28.35 and maximum to Major Resistance (29.85) 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 59.

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Comments

perfect analysis. 👍
+1 Reply
@Kamryn, Thank you! We appreciate your comment.🙏
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Thank you!❤️
+1 Reply
@Sir_Ray, We're happy to help!
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Thanks a bunch
+1 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, We're happy to help! 💙
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Nice analysis, Thanks for sharing.
+1 Reply
ForecastCity Kristalyn
@Kristalyn, It's our pleasure! 💙
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This is great.
+1 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, Thank you! We appreciate your comment.🙏
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