Weekly silver analysis
Last week silver tested above 16$ but it could not sustain on higher levels . We cashed it pretty good as we entered in 15.85$ zone and booked around 15.35$ . We booked approx 2500$ per lot profit in xagusd . Last week it closed below 15.20$ . A good support on weekly silver chart stands at 14.70$ . If traders break this base support and manage to close beneath our weekly support . Then expect xagusd to correct upto 14.30$ – 13.70$ this week .
A good resistance on weekly xagusd chart stands at 15.55$ . If traders break this weekly resistance and manage to close above our hurdle this week . Then expect market to zoom upto 16$ – 16.50$ this week .
Silver weekl analysis conclusion : Trend is weak so avoid any major buying this week .
This week we have major china’s manufacturing data which would impact xagusd prices . Keep an eye on this data for major trade . Do not sell fresh on these levels and wait for daily update to get idea on intraday level .
More will update in daily forecast update .