💡SILVER (XAGUSD) - Weekly Technical Analysis Update

FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is above the support 19.65, resumption of uptrend is expected.
We make sure when the resistance at 26.20 breaks.
If the support at 19.65 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI resistance #2 at 64 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 22.85 on 10/06/2020, so more gains to resistance(s) 25.65 and maximum to Major Resistance (26.20) 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 53.

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Good job! Clean analysis.
+3 Reply
@Sir_Ray, Our pleasure!Thank you for your comment.
+1 Reply
Thanks for these posts. Very helpful.
+2 Reply
ForecastCity Josef_anderson
@Josef_anderson,  We're glad you like it. 😊💚
+1 Reply
I agree your idea and wish you the best.
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thank you. We appreciate your comment.
really like your analysis, its similar to how i look at things... how you seeing this moving now? waiting for it to move either above or below the 2 trendlines forming?
ForecastCity shaungliddon
@shaungliddon, Thank you. We appreciate your comment.

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