💡SILVER (XAGUSD) - Weekly Technical Analysis Update

Jan 3, 2021

Midterm forecast:
While the price is above the support 21.90, resumption of uptrend is expected.
We make sure when the resistance at 27.40 breaks.
If the support at 21.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 23.55 on 12/11/2020, so more gains maximum to Major Resistance (27.40) 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 62.

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