ForecastCity
Long

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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Comments

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. 👍
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This is a legitimate analysis.
+1 Reply
ForecastCity Forecast_Crypto
@Forecast_Crypto, Thank you 🍀
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@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! :)
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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.
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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.
https://www.forecastcity.com/en/forecasts/introduction/intraday
https://www.forecastcity.com/en/node/236
https://www.forecastcity.com/en/Trend-Hunter-Strategy
If you had any questions feel free to ask our online support team.
+1 Reply
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