weekly silver forecast
Silver prices were trading below 14$ last week when ECB decision to cut interest rate came . It fired from 13.90$ to 14.60$ in some hours only . It achieved this massive firepower due to ecb . Now interest rate gone in negative . A difficult data would be FED decision on interest rate . They have plenty of room to cut interest rate now .
This week silver chart has a weekly technical resistance at 14.90$ . If market manage to break this resistance and close above this level then expect xagusd to favor bulls upto 15.60$ – 16.30$ this week .
If silver price manage to break our chart weekly support at 14$ and close beneath this major support then expect bears to take charge once again upto 13.60$ – 13.10$ this week .
weekly silver forecast conclusion : Market trend is in favor of bulls . But its still far from our weekly chart resistance . Do not initiate any buying position till market does not break our weekly resistance .
Weekly forecast are mainly for positional traders . If you are an intraday trader then watch our daily trading report during live market hours .
More will update in daily silver forecast update .
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