Market Overview
Although the Silver Price Forecast could stay under the bullish bias on 1d time frame, as the Silver Price Forecast stay above the prior support zone at 69.62429 on 1d time frame. Meanwhile the Silver Price Forecast remains respected towards the previously established support zones on 1d time frame. Therefore the Silver Price Forecast hasn’t secured any fresh support on 1d time frame. In addition, the h4 and h1 continues to reflect the buyers strength, by holding above the latest support zones at 72.99915 on h4 and h1 both the time frame. As the Silver Price Forecast hasn’t shaped any fresh support zones on both the time frame. Therefore the pending demand zone would remain valid and active.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
78.12022 – 78.69230
H1 Resistance
78.51856 – 78.69230
M15 Resistance
81.82568 – 82.04777
Major Support
1D Support
However the price hasn’t introduced any fresh support zone on 1d time frame. Meanwhile the prior support zone already tapped by the price. Therefore awaiting for the breakout of the structure.
H4 Support
73.12665 – 72.99744
H1 Support
73.13633 – 72.99535
M15 Support
74.22573 – 74.00785
Market Structure Outlook
However the price may hold the bullish bias on h1 time frame, until price remains above the support zone at 69.62429 on 1d time frame. Therefore, a move above 83.05720 on 1d time frame, would indicate the continuation of bullish momentum and setup the fresh support zone at 71.32042 – 70.90422 on 1d time frame. In addition, a close above 76.98406 on h1 and h4 time frame, may carry on the bullish momentum and may establish the fresh support zone on h1 and h4 time frame. Meanwhile there are no probable support zones confirmed by the price on h1 and h4 time frame.
Weekly Trading Scenario
Although the price may remain under the buyers favors on 1d time frame. Therefore the price stay above the previous support zone at 69.62429 on 1d. Meanwhile a decisive close below 69.62429 on 1d. As a result price could may signal the structure shift to the bearish side and identify the fresh resistance at 75.35700 – 76.13278 on 1d. On the other hand, a define close below 72.99744 on h4, the price may support bearish strength and print the fresh resistance at 74.20321 – 74.58354 on h4. In addition, acceptance below 72.99535 on h1 time frame, may affirm the bearish setup and may lead to the fresh resistance at 74.35953 – 74.58003 on h1.
Bullish Scenario
A move above 83.05720 on 1d time frame
Bearish Scenario
A decisive close below 69.62429 on 1d time frame
Key Takeways
Higher time frame bias: Bullish
Major Resistance: – 78.12022 – 78.69230
Major Support: – 73.12665 – 72.99744
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