Weekly silver forecast
Last week silver ( xagusd ) killed its all competitors like gold and crude oil by giving a muscle power to every single candle on chart . It fired from 16.30$ zone till 17.70$ and then gave a heart attack to all buyers when it retraced back from 17.70$ zone till 16.70$ within hours . It lost more than half of its weekly gains within last hours after US market open last friday . Finally it gave close beneath 17$ which cloud its further bull move .
This week weekly silver chart has a major resistance at 17.85$ . If traders break this hurdle and manage to close above our resistance this week . Then more muscle power to xagusd buyers not ruled out upto 18.40$ – and even 19$ should not be far after that .
A good support on weekly silver chart stands at 16.45$ . If traders break this major support level and manage to close beneath our support this week . Then expect xagusd to support sellers upto 16$ – 15.40$ this week .
Weekly silver forecast conclusion : Trend is positive for this week . But as we discussed in gold forecast section , this week we have major data which could effect gold and this whitie precious metal prices . So stay alert and stay cautious .
More will update in daily forecast update .