Weekly silver forecast
Last week silver ( xagusd ) outperformed gold as it fired fiercly . It fired from 16.30$ zone till 17.30$ . Breaking all the barrier one by one and gave a highly positive close above 17.30$ . This week silver chart has a major weekly resistance at 17.80$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this commodity to test more upside levels upto 18.40$ – 19$ this upcoming week .
A good weekly support on silver chart stands at 16.70$ . If traders break this major support level and manage to close beneath our support this week . Then expect this commodity to test upto 16.20$ – 15.60$ this week .
We have China’s industrial production and FOMC statement this week which could effect precious metal prices this week . We have 2 major countries monetary policy which would be also a deciding factor on upcoming market trend .
Weekly silver forecast conclusion : Xagusd trend is positive for this week . Avoid any major selling trade till market give any weak indication . We will be updating intraday trading levels on our daily update . So keep an eye on that to avoid any major selling without stoploss .
More will update on daily forecast update .