ForecastCity_ME

SILVER (XAGUSD) - Weekly Technical Analysis Update

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 26.00 breaks.
If the support at 22.15 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
The RSI resistance #1 at 56 is broken, so the probability of resumption of uptrend is increased.
A peak is formed in daily chart at 25.99 on 11/06/2020, so more losses to support(s) 23.05 and minimum to Major Support (22.15) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 48.

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