💡SILVER (XAGUSD) - Weekly Technical Analysis Update
Midterm forecast:
While the price is above the support 23.75, a resumption of the uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 23.75 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The symmetrical triangle is taking shape. As a continuation pattern suggests, we will soon see another leg higher if the price breaks and closes above the downtrend line of the triangle.
The RSI support #1 at 48 is broken, so the probability of the resumption of the uptrend is decreased.
A peak is formed in the daily chart at 28.55 on 06/ 01 /2021, so more losses to support(s) 25.75, 24.50, and minimum to Major Support (23.75) is expected.
Price is below WEMA21. If the price rises more, this line can act as dynamic resistance against more gains.
The relative strength index ( RSI ) is 31.
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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