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Weekly forecast Silver technical chart
Symbol XAGUSD
Trade Setup

#XAGUSD
Total Profit: 5258 point
Closed trade(s): 1754 point Profit
Open trade(s): 3504 point Profit

Trade Setup:
We opened 14 BUY trades @ 19.457 based on 'Hammer' entry method at 2022-11-03.

Closed Profit:
TP1 @ 19.939 touched at 2022-11-04 with 48 point Profit.
TP2 @ 20.621 touched at 2022-11-04 with 116 point Profit.
TP3 @ 21.200 touched at 2022-11-08 with 174 point Profit.
TP4 @ 22.417 touched at 2022-12-01 with 296 point Profit.
TP5 @ 24.129 touched at 2022-12-20 with 467 point Profit.
TP6 @ 25.986 touched at 2023-04-14 with 653 point Profit.
48 + 116 + 174 + 296 + 467 + 653 = 1754 point

Open Profit:
Profit for one BUY trade is 23.844(current price) - 19.457(open price) = 438 point
8 trade(s) still open, therefore total profit for open trade(s) is 438 x 8 = 3504 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 23.000 is broken, we will close open trades.

DateMay 20, 2023 - 08:18
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 23.000, resumption of uptrend is expected.
  • We make sure when the resistance at 25.986 breaks.
  • If the support at 23.000 is broken, the short-term forecast -resumption of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 23.000 is broken.

Technical analysis:

  • The double tops taking shape.
  • There is a divergence in RSI and price between the peak at 26.078 on 2023-04-14 and the peak at 26.078 on 2023-05-05, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
  • A trough is formed in daily chart at 23.310 on 05/18/2023, so more gains to resistance(s) 24.129, 24.710, 25.000 and maximum to Major Resistance (25.986) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 41.

Take Profits:

  1. 19.943
  2. 20.621
  3. 21.200
  4. 22.394
  5. 24.129
  6. 25.986
  7. 26.940
  8. 28.304
  9. 29.850
  10. 37.500
  11. 44.200
  12. 49.800
  13. 60.000
Click on the level to view price action history.

Symbol Released Current Forecast
Silver (XAGUSD) Sat, 24 Feb 2024
Silver (XAGUSD) Sat, 17 Feb 2024
Silver (XAGUSD) Sat, 10 Feb 2024
Silver (XAGUSD) Sat, 3 Feb 2024
Silver (XAGUSD) Sat, 27 Jan 2024