Weekly silver forecast
Silver ( xagusd ) price last week opened below 15$ but it sustained above 15$ well entire week . It gave a good positive close above 15.30$ , Indicating a good positive week ahead for buyers . This week silver weekly chart shows a good support at 14.75$ . If traders manage to break this hurdle and close below our weekly support this week . Then expect good power ahead for sellers in this precious metal upto 14.30$ – 13.70$ this week .
A good resistance on silver weekly chart stands at 15.71$ . If traders break this weekly hurdle and manage to close above our weekly resistance . Then expect buyers to have upper hand in this precious metal upto 16.30$ – 16.80$ this week .
We have some major data from china which would effect price this week . China’s GDP numbers and China’s industrial production would be crucial this week which would effect xagusd price this week . Keep an eye on data and do not trade bulk qty around data release time . Fed would also give its statement this week which would be shaking its prices .
Weekly silver forecast conclusion : Trend is positive for this week . Avoid initiating any bulk sell trade .
More will update in our daily price forecast update .