💡SILVER (XAGUSD) - Weekly Technical Analysis Update

Midterm forecast:



While the price is above the support of 23.75, a resumption of an 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:



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 24.50 on 07/27/2021, so more gains to resistance(s) 25.75, 26.60, 28.30, and maximum to Major Resistance (28.75) 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 46.


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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