A Second Chance to Buy in XAGUSD …

FOREXCOM:XAGUSD   Silver / U.S. Dollar
New trading suggestion:
* The price is in a range bound and we forecast the uptrend would resume.
* There is still a possibility of temporary retracement to suggested support line (16.50). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT, you have a second chance to buy above the suggested support line (16.50).

Midterm forecast:
. While the price is above the support 16.50, resumption of uptrend is expected.
. We make sure when the resistance at 18.35 breaks.
. If the support at 16.50 is broken, the short-term forecast -resumption of uptrend- will be invalid.
. We will close our open trades, if the Midterm level 16.50 is broken.

Technical analysis:
. The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
. While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 18.35 on 06/ 01 /2020, so more losses to support(s) 17.50, 16.50 and minimum to Major Support (16.50) 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 58.
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It is quite wise and professional that you have thought about both directions of the market.🥰 👍
+1 Reply
@fxniki, Thanks for your comment. we're glad you enjoyed it. 👍
This is a legitimate analysis.
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, Thank you 🍀
@ForecastCity always enjoy your posts. You are one of my favorite analysts!
+1 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, Thank you! We always enjoy your comments and support as well! :)
Thanks for the well illustrated map and profit takings I must say it moves very slowly Still not in profit but hope
+1 Reply
ForecastCity Shiva_forex
@Shiva_forex, Thank you for sharing your feedback. We appreciate it.
Hi, I'm quite new to this - is there any way I can find out about your methodology and how you know where to draw TP lines etc
+1 Reply
ForecastCity missing_roof
@missing_roof, Hi, Thanks for your comment. You can visit our website. All the strategies are completely explained. Make sure to visit Intraday, DTO and Weekly tabs.
If you had any questions feel free to ask our online support team.
+1 Reply
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