Market Overview
Although the Silver Price Forecast may continue to trade under the bullish structure, as the Silver Price Forecast remains above the support zone at 69.65671 on 1d time frame. Meanwhile the h4 and h1 time frame could continues to trade under the bearish pressure. Therefore Silver Price Forecast stay below the recent resistance at 78.69230 on h4 and h1 time frame. In addition, the m15 time frame follows the 1d bullish momentum and trading above the near by support zone at 75.42023 on m15 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
78.11481 – 78.69230
H1 Resistance
78.51403 – 78.69230
M15 Resistance
78.18313 – 78.37989
Major Support
1D Support
73.01263 – 69.58553
H4 Support
67.33435 – 65.50926
H1 Support
65.31546 – 64.67674
M15 Support
75.42023 – 75.22559
Market Structure Outlook
However the Silver Price Forecast could stay under the bullish momentum on 1d time frame. Meanwhile the Silver Price Forecast holds the near by support at 69.65671 on 1d time frame. Therefore, a decisive close above 83.05886 on 1d time frame, would confirm the intact of bullish bias and form the fresh support at 75.59103 – 73.99948 on 1d. In addition, a move below 73.97335 on h4 time frame, would confirm the continuation of bearish bias and generate the fresh resistance at 76.40493 – 76.68613 on h4 time frame. Moreover, finish below 73.97335 on h1 time frame, would keep the bearish bias intact and shape the fresh resistance at 76.50418 – 76.68613 on h1 time frame.
Weekly Trading Scenario
Although the price could continue to benefit the bullish momentum, as price respects the lastest support at 69.62070 on 1d time frame. However a break below 69.62070 on 1d time frame, may favor the bearish bias and set up the fresh resistance at 74.93573 – 76.43059 on 1d time frame. Moreover, a breakout above 78.69230 on h4 time frame, may shift the momentum to the bullish side ane print the fresh support at 76.35728 – 75.42553 on h4 time frame. On the other hand acceptance above 78.69230 on h1 time frame, may confirm the bullish character shift and establish the fresh suppport at 75.67808 – 75.41150 on h1 time frame
Bullish Scenario
A decisive close above 83.05886 on 1d time frame
Bearish Scenario
A break below 69.62070 on 1d time frame
Key Takeways
Higher time frame bias: Bullish
Major Resistance: – 78.11481 – 78.69230
Major Support: – 73.01263 – 69.58553
Although this XAGUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.
Moreover check out my previous XAGUSD Weekly Forecast post
For daily XAGUSD chart analysis refer my XAGUSD Daily Analysis section