ForecastCity

💡SILVER (XAGUSD) - Weekly Technical Analysis Update

FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27. 40 breaks.
If the support at 21.90 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 uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (27. 40 ) 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 62.

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Comments

I think it was nice mentioning the divergence in your TA.
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thanks for your comment.
Reply
Great update for silver. Well done
+1 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, Thanks for your comment.
Reply
Agree
+1 Reply
@fxpays,
Thanks for your comment 💎🙏💎
Reply
You cover both directions in your idea. It's such a vise. 👌
+1 Reply
@Kamryn, Thanks for your comment.
Reply
good good!!!!!
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