ForecastCity_World

💡SILVER (XAGUSD) - Weekly Technical Analysis Update

FOREXCOM:XAGUSD   Silver / U.S. Dollar
Midterm forecast:
While the price is above the support 17.520, resumption of uptrend is expected.
We make sure when the resistance at 22.417 breaks.
If the support at 17.520 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 22.245 on 11/15/2022, so more losses to support(s) 20.621, 19.939, 19.525 and minimum to Major Support (17.520) 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 56.

Take Profits:
19.939
20.621
21.200
22.417
24.129
25.986
26.940
28.304
29.850
37.500
44.200
49.800
60.000

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