Weekly Silver forecast
Silver ( xagusd ) price fired last week and outperformed gold prices with big margins . It tested above 16$ and made high of 16.13$ . However after high it could not sustain above 16$ . It cracked from highs and made low of 15.72$ . Finally it settled at 15.77$ . This week price has weekly resistance on silver chart at 16.15$ . If xagusd manage to break this hurdle and close above our resistance . Then expect xagusd to zoom upto 16.55$ – 16.99$ this week .
A good support on weekly silver chart this week stands at 15.40$ . If prices manage to break this weekly support and close beneath this support level . Then expect xagusd to correct upto 14.90$ – 14.30$ this upcoming week .
Weekly silver forecast conclusion : Trend is positive for now . But avoid any major buy till its not closing above our resistance .
More will update in daily forecast update .
This week we have US GDP numbers and US core durable order numbers which could effect prices . However friday it melted approx 50 cents from its peak so stay cautious while getting into new position that too in buy side . Better approach would be wait for sometime and keep an eye on daily levels then start taking position .