ForecastCity

💡SILVER (XAGUSD) - Weekly Technical Analysis Update

Long
FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:

25.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 25.75 is broken.

Technical analysis:

While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 28.55 on 06/ 01 /2021, so more losses to support(s) 26.60 and minimum to Major Support (25.75) 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 55.

Take Profits:


TP1= 25.75
TP2= 26.60
TP3= 28.30
TP4= 29.85
TP5= 33.45
TP6= 37.50
TP7= 44.20
TP8= 49.80


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Comments

Many thanks for sharing this chart.
+2 Reply
ForecastCity Mesutkashmar
@Mesutkashmar, You're very welcome! Glad you found it helpful
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Loved the update thank you
+2 Reply
ForecastCity AR_kooshani
@AR_kooshani,  You got it!
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Nicely done. Keep it up!
+2 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi,  You're most welcome!
Reply
Very good work here!
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ForecastCity AlkalineFX
@AlkalineFX, You're very welcome! Glad you found it helpful
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