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Silver (XAGUSD) breaks the resistance and falls again.

Long
FX_IDC:XAGUSD   Silver / U.S. Dollar
Silver ( XAGUSD ) breaks above the resistance trend line and falls again.

Silver ( XAGUSD ) After breaking the resistance trend line upward on Monday (Feb.1th), silver fell again. The current price is above the 26 integer and has not broken the long-term support trend line below. Therefore, the Long-term perspective is still in a uptrend.

If the following long-term support trend line is used as a benchmark, a trend line (as shown in the figure: the resistance line of the translation channel) can be formed to form an ascending channel . Therefore, it is estimated that the future price will continue to rise in this channel, provided that it cannot Break below the long-term support trend line .

The possible future price trend is shown in the figure, along the long-term support trend line below, gradually upward. But if the FED has obvious hawkish remarks, it does not rule out the possibility of a major decline in precious metals (as shown in the gray path).

Update: Feb.3th. 2021
Reliability: 10-20 Market Days.
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Comments

nice chart
i am agreeing with you

+1 Reply
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