Weekly silver forecast
Silver ( xagusd ) price closed beneath 15.50$ . Last week it tried to cross 15.70$ level but it could not and everytime it test 15.70$ it consolidated . A good support on weekly silver chart at 15.20$ . If traders break this weekly support and manage to close beneath our support . Then expect market to face correction upto 14.70$ – 14.20$ this week .
A good resistance on silver chart this week stands at 16.20$ . Once market break this hurdle and traders manage to close above this resistance . Then expect xagusd to zoom upto 17$ – 17.90$ this week .
This week china’s monetary policy would impact prices . Watch for major economic event before taking any position in market . We have 3-4 monetary policy this week so do not trade bulk qty . Trade with strict stoploss this week . Market may face extreme volatility . Fed interest rate would be an interesting event to watch as ECB cut interest rate last week .
More will update in daily forecast update .