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ForecastCity_World
Aug 29, 2021 10:59 AM

💡SILVER (XAGUSD) - Weekly Technical Analysis Update Long

Silver / U.S. DollarFOREX.com

Description

Midterm forecast:
While the price is above the support of 22.15, a resumption of an uptrend is expected.
We make sure when the resistance at 28.75 breaks.
If the support at 22.15 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
While the RSI resistance #1 at 48 is not broken, the probability of price increase would be too low.
A trough is formed in the daily chart at 22.87 on 08/20/2021, so more gains to resistance(s) 24.50, 25.75, 26.60, and maximum to Major Resistance (28.75) is expected.
Price is above WEMA21, if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 47.

Take Profits:
TP1= @ 26.60
TP2= @ 28.30
TP3= @ 29.85
TP4= @ 33.45
TP5= @ 37.50
TP6= @ 44.20
TP7= @ 49.80
TP8= @ 60.00

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Comments
DenizKilicDeniz
Clear, and detailed analysis. 👍 Thanks!
ForecastCity_World
@DenizKilicDeniz, You're welcome! Thank you as well for your comment.
Sophi2018
I really appreciate your work.
ForecastCity_World
@Sophi2018, Thank you. We appreciate your support.
davidgolandak
Loved the update thank you .
ForecastCity_World
@davidgolandak, You're welcome! Thank you as well for your comment.
ForexTrendline
great analysis, thanks for sharing that's definitely possible!
Anthony74741
You are doing good
bappykhalidhasan0
good job
VasilyTrader
What is your rule for stop placement?
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