ForecastCity_ME

SILVER (XAGUSD) - Weekly Technical Analysis Update

Long
FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is above the support 22.15, resumption of uptrend is expected.
We make sure when the resistance at 26.20 breaks.
If the support at 22.15 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI resistance #1 at 56 is broken, so the probability of resumption of uptrend is increased.
A trough is formed in daily chart at 22.58 on 10/29/2020, so more gains maximum to Major Resistance (26.20) 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 60.

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Comments

keep up the amazing work!
+1 Reply
ForecastCity_ME Mehmetozdemi
@Mehmetozdemi, Thank you for your comment.
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