SILVER (XAGUSD) - Weekly Technical Analysis Update
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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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.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
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🌟36 Forex Pairs
🌟175 Cryptos
🌟16 Stock & Currency Indices
🌟Gold,Silver,Oil,Gas
✅ Best Profitable Trading Strategies
✅ in 9 languages
✅ since 2007
FREE Telegram 👉 t.me/forecastcity_com
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