Comex silver ( xag/usd ) prices remained in a small range and traded between 16$ and 15.70$ entire week . Our last week silver outlook gave a caution that if silver does not break resistance it may find profit booking . It did not gave any profit booking but it remained under pressure entire week . It closed near 15.80$ . Last week silver highest point was 16.10$ and lowest point was 15.64$ .
This week silver outlook will be influced by major data from US which we mentioned in our gold outlook . Regarding weekly levels , it has weekly resistance at 16.31$ and close above our weekly resistance then expect market to test upto 17.05$ – 17.90$ and even more firing not ruled out .
If silver price click our technical weekly support at 15.20$ and close below our major weekly support then expect market to correct upto 14.50$ – 13.80$ this week .
Silver outlook weekly conclusion : Silver trend is flat to weak this week .
More will update in daily silver outlook in live market hours .