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Weekly forecast Silver technical chart
Symbol XAGUSD

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Trade Setup
#XAGUSD
Total Profit: 1452 point
Closed trade(s): 705 point Profit
Open trade(s): 747 point Profit

Trade Setup:
We opened 8 BUY trade(s) @ 15.30 based on 'Valley' entry method at 2020.05.07.

Closed Profit:
TP1 @ 15.50 touched at 2020.05.08 with 20 point Profit.
TP2 @ 15.85 touched at 2020.05.14 with 55 point Profit.
TP3 @ 16.50 touched at 2020.05.15 with 120 point Profit.
TP4 @ 17.50 touched at 2020.05.18 with 220 point Profit.
TP5 @ 18.20 touched at 2020.06.01 with 290 point Profit.
20 + 55 + 120 + 220 + 290 = 705 point

Open Profit:
Profit for one trade is 17.79(current price) - 15.30(open price) = 249 point
3 trade(s) still open, therefore total profit for open trade(s) is 249 x 3 = 747 point

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 15.85 is broken, we will close open trades.

DateJune 27, 2020 - 15:10
Currentrange bound
Forecastresumption of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 15.85, resumption of uptrend is expected.
  • We make sure when the resistance at 18.35 breaks.
  • If the support at 15.85 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 15.85 is broken.

Technical analysis:

  • The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg higher if price breaks and closes above the downtrend line of the triangle.
  • While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 18.35 on 06/01/2020, so more losses to support(s) 17.50, 16.50 and minimum to Major Support (15.85) 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 57.

Take Profits:

  1. 15.50
  2. 15.85
  3. 16.50
  4. 17.50
  5. 18.20
  6. 18.95
  7. 19.65
Click on the level to view price action history.

Symbol Released Current Forecast
Silver (XAGUSD) free Sat, 4 Jul 2020
Silver (XAGUSD) free Sat, 27 Jun 2020
Silver (XAGUSD) free Sat, 20 Jun 2020
Silver (XAGUSD) free Sat, 13 Jun 2020
Silver (XAGUSD) free Sat, 6 Jun 2020