weekly silver forecast
Silver ( xagusd ) price almost crossed our resistance last week. But then it retraced back just like gold and could not fulfill our closing condition which we mentioned in our last week’s forecast. This week our weekly resistance remain same at 14.55$ . Once traders manage to break this hurdle and close above our resistance . Then expect market to support bullion buyers upto 15.10$ – 15.70$ this week .
A good weekly support on silver weekly chart at 13.60$ . Once traders manage to break this and close beneath our support. Then expect market to correct upto 12.90$ – 12.20$ this week.
This week china’s manufacturing data would have high impact on this white metal. So stay cautious and keep an eye on this. This could decide entire week’s fate of precious metal market.
Weekly silver forecast conclusion: Trend is positive this week but stay cautious as many major data in first week of February .
Dollar Index has been very volatile since last 2 week.s It made low of 88 which was its major support. But USD Index could not sustain on lower levels and kicked back. This caused major selling in bullion and we could not sustain on higher levels.
A good resistance on dollar chart stands at 90.30, If traders break and close above our resistance. Then expect more firepower in greenback upto 91- 92.20 and even more.
Above 90.30 we could start long term buying in greenback which may result more pressure in xagusd, xauusd. We may trigger major selling in metals if dollar started rallying. Keep an eye on major event which could trigger any rally or crash in market.
Dow Jones seems to support greenback for a while. So stay cautious and trade with minimum qty.
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More will update in daily price forecast update.
This post is edited at July 24th 2018.