💡SILVER (XAGUSD) - Weekly Technical Analysis Update

May 8, 2021

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:

A trough is formed in daily chart at 23.75 on 03/31/2021, so more gains to resistance(s) 28.30, 29.85, 33.45 and more heights 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 64.

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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