💡SILVER (XAGUSD) - Weekly Technical Analysis Update

Midterm forecast:

25.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 25.75 is broken.

Technical analysis:

While the RSI support #1 at 48 is not broken, the probability of price decrease would be too low.
A peak is formed in daily chart at 28.55 on 06/01/2021, so more losses to support(s) 26.60 and minimum to Major Support (25.75) 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 55.

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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