SILVER Weekly Technical Analysis Update
Midterm forecast:
While the price is below the resistance 29.85, beginning of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 23.39 on 08/11/2020, so more gains to resistance(s) 27.00, 28.35 and maximum to Major Resistance (29.85) 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 59.
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While the price is below the resistance 29.85, beginning of downtrend is expected.
We make sure when the support at 19.65 breaks.
If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI support #2 at 45 is not broken, the probability of price decrease would be too low.
A trough is formed in daily chart at 23.39 on 08/11/2020, so more gains to resistance(s) 27.00, 28.35 and maximum to Major Resistance (29.85) 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 59.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
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