Weekly silver forecast
Last week silver ( xagusd ) prices fired from 16.90$ zone to almost 18$ as it tested 17.97$ . It followed gold and continued its run throughout the week . It finally settled above 17.80$ in weekly closing . This week silver chart has a weekly resistance at 18.31$ . If traders manage to break our hurdle and close above our resistance . Then expect this precious metal upto 18.90$ – 19.80$ this week .
A good support on weekly silver chart 16.98$ . If traders manage to break this weekly support and manage to close beneath our support level . Then expect xagusd to correct upto 16.30$ – 15.50$ this week .
This week we have major economic data which we already mentioned in our weekly gold forecast . Do not trade big near data timings . Last week gold prices outperformed this precious metal . This week keep an eye on range of both metals to trade without any problem .
Weekly silver forecast conclusion : Trend is positive for upcoming week . Avoid major selling . Market range has widen last week . So trade with proper stoploss to avoid any major blow to your trading account .
More will update in daily forecast update . Keep an eye on intraday levels to trade .