ForecastCity

SILVER (XAGUSD) - Weekly Technical Analysis Update

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

Technical analysis:
The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
While the RSI resistance #2 at 56 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 25.50 on 10/12/2020, so more losses to support(s) 23.05, 22.15, 21.00 and minimum to Major Support (19.65) 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 50.

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Comments

Thanks for sharing this update.
+3 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, You're welcome! Hope it's inspiring.
+2 Reply
I agree with your idea. Thanks for the update my friend.
+2 Reply
ForecastCity yusufipek1989
@yusufipek1989, You're welcome! Thanks for your feedback.
+1 Reply
Incredible analysis, thank you for sharing such great work with all of us!
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, You're welcome! Thanks for your kind comment.
Reply
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