Silver (XAGUSD) breaks the resistance and falls again.
Silver (XAGUSD) breaks above the resistance trend line and falls again.
Silver (XAGUSD) After breaking the resistance trend line upward on Monday (Feb.1th), silver fell again. The current price is above the 26 integer and has not broken the long-term support trend line below. Therefore, the Long-term perspective is still in a uptrend.
If the following long-term support trend line is used as a benchmark, a trend line (as shown in the figure: the resistance line of the translation channel) can be formed to form an ascending channel. Therefore, it is estimated that the future price will continue to rise in this channel, provided that it cannot Break below the long-term support trend line.
The possible future price trend is shown in the figure, along the long-term support trend line below, gradually upward. But if the FED has obvious hawkish remarks, it does not rule out the possibility of a major decline in precious metals (as shown in the gray path).
Update: Feb.3th. 2021
Reliability: 10-20 Market Days.
Silver (XAGUSD) After breaking the resistance trend line upward on Monday (Feb.1th), silver fell again. The current price is above the 26 integer and has not broken the long-term support trend line below. Therefore, the Long-term perspective is still in a uptrend.
If the following long-term support trend line is used as a benchmark, a trend line (as shown in the figure: the resistance line of the translation channel) can be formed to form an ascending channel. Therefore, it is estimated that the future price will continue to rise in this channel, provided that it cannot Break below the long-term support trend line.
The possible future price trend is shown in the figure, along the long-term support trend line below, gradually upward. But if the FED has obvious hawkish remarks, it does not rule out the possibility of a major decline in precious metals (as shown in the gray path).
Update: Feb.3th. 2021
Reliability: 10-20 Market Days.
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