ForecastCity

SILVER (XAGUSD) - Weekly Technical Analysis Update

FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is above the support 25.65, resumption of uptrend is expected.
We make sure when the resistance at 29.85 breaks.
If the support at 25.65 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
While the RSI support #2 at 52 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 28.85 on 09/ 01 /2020, so more losses to support(s) 26.20 and minimum to Major Support (25.65) 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 53.

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Comments

Thanks for this very logical technical analysis.
+3 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, You're welcome!
+1 Reply
ForecastCity DenizKilicDeniz
@DenizKilicDeniz, We hope you enjoy it.
+1 Reply
Simple and useful. Well done
+2 Reply
ForecastCity Mehmetozdemi
@Mehmetozdemi, Thank you! We appreciate your comment.🙏
+1 Reply
Support and resistance lines are excellent. 👌
+1 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thanks for your kind comment. 💎🙏💎
Reply
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