Weekly silver forecast
Silver ( xagusd ) price were trading under pressure last week and it tested 17.20$ zone . Finally it closed at 17.45$ . It could not go near highest zone of 18$ as it underperformed gold last week . A good support on weekly silver chart stands at 16.90$ . If traders break this major support and manage to close beneath our support this week . Then expect xagusd to test upto 16.40$ – 15.80$ this week .
A good resistance on silver weekly chart stands at 17.90$ . If traders break this hurdle and manage to close above our resistance this week . Then expect xagusd to fire upto 18.50$ – 19.20$ this week .
Silver weekly forecast conclusion : Trend is flat to positive for now .
This week major economic data we have updated in gold post . These data would make an impact in this commodity prices . So trade cautiously and trade with small position near data release time . This week we might see some trend reversal in this white precious metal . So keep an eye on daily levels to determine the intraday trend . Do not trade with big qty . Buying should be avoided on these levels and keep an eye on daily levels if you are already in buy to determine your stoploss .
More will update in daily forecast update .