SILVER Technical Analysis At Year-End: between 14.36 - 14.00 as real valid targets
I am continuing to evaluate and to forecast the pairs at year-end. Some pairs were already estimated for year-end value which as GBPUSD, EURUSD, USDJPY as well as Crude Oil and S&P 500. So,
let's start to forecast the value of Silver (XAG/USD) price at year-end using simple
technical analysis tools:
- support and resistance lines, and
- Simple Moving Averages indicator (which is standard indicator in Metatrader 4 and Metatrader 5)
As
we see from the charts below (W1 timeframe and MN1 timeframe for
XAG/USD) - 14.36 is the key support level for this pair for both
timeframes. On W1 timeframe - the price is located below 100 SMA and below 200 SMA for primary bearish market condition trying to break 15.26 support level on close W1 bar to go to 14.67 support to be broken in the future for the bearish trend to be
continuing. And next target is 14.36 as November last year low. The last target is 14.00 psychological level.
MN1 timeframe: the price is on primary bearish for trying to break 14.36 support level with 14.00 psychological level as a next target.
So, we can prove that the price will be between 14.36 - 14.00 as real valid targets for this pair at year-end.
