Weekly silver forecast
Silver ( xagusd ) price fired after US non farm data came . Entire week it was struggling to break 15.88$ and it was not even firing to higher levels . After data came it fired within hours and tested 16.45$ . It even closed at 16.40$ almost at peak level . This week we have some major data from china which could effect this precious metal . We updated data list in our gold forecast . However major data this week would come at sunday from china . Its china’s industrial production which would come . So market would be expecting something significant from this data and will be preparing for next move .
This week we have good resistance on silver weekly chart at 16.75$ . If traders break this major hurdle and manage to close above our hurdle this week . Then expect market to test upto 17.20$ – 17.70$ this upcoming week .
A good support on weekly silver chart stands at 15.80$ . If traders break this major weekly support and manage to close beneath our support this week . Then expect this commodity to test upto 15.30$ – 14.70$ this upcoming week .
Weekly silver forecast conclusion : Xagusd trend is flat to positive . Keep an eye on 16.60$ . If market breaks this and manage to sustain then it could favour buyers .
More will update in daily forecast update .