SILVER (XAGUSD) - 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 26.00 on 08/21/2020, so more gains to resistance(s) 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 60.

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Looks like a nice clean setup :)
+1 Reply
ForecastCity FreeForexSignals
@FreeForexSignals, Thank you for your comment. We appreciate it.
FreeForexSignals ForecastCity
@ForecastCity, You are more than welcome! Have an ace week trading.
When can I open a sell position?
+1 Reply
ForecastCity Josef_anderson
@Josef_anderson, When the price shows signs of dropping based on price action.
+2 Reply
Mehmetozdemi ForecastCity
@ForecastCity, How far does the price go down?
+1 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, We've specified the support lines, and based on the "Stepped profit-taking" method, you can define TPs in supports to be suitable for your trades.
+1 Reply
Mehmetozdemi ForecastCity
@ForecastCity, How does that work? stepped profit-taking? Could you walk me through it a bit please?
ForecastCity Mehmetozdemi
@Mehmetozdemi, Sure, read about it on this page please:

It's about Simple profit-taking methods for Trend Hunter Strategy. If you had any questions don't hesitate to ask our online support team on the website.
+1 Reply
Mehmetozdemi ForecastCity
@ForecastCity, Thank you sir. You've been very helpful. I will read it.
+1 Reply
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