Market Overview
Silver Price Forecast may continue to support the buyers in this week on 1d time frame. Therefore the Silver Price Forecast stay above the prior low at 70.89670 on 1d. However the buyers established the latest demand zone at 71.30910 on 1d. On the other hand, the h4 structure could remains with the downside continuation, as the Silver Price Forecast close below last low at 83.07631 on h4. Meanwhile buyers confirms the fresh supply at 86.23806 on h4. Moreover, the h1 bias remains aligned with h4’s bearish bias, as the Silver Price Forecast of this week breaks below the support at 85.63320 on h1. As a result the sellers built the fresh resistance at 87.20033 on h1 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
86.23806 – 87.22782
H1 Resistance
87.20033 – 87.80755
M15 Resistance
78.91180 – 79.12480
Major Support
1D Support
71.30910 – 70.89670
H4 Support
67.33435 – 65.50926
H1 Support
74.35824 – 74.57889
M15 Support
75.60454 – 75.43412
Market Structure Outlook
Although the structure remains favorable to for the buyers on 1d time frame. Meanwhile buyers defend the recent low at 70.89670 on 1d time frame. However, a confirmed close below 75.92374 on h1 time frame. Meanwhile the structure confirms the bullish continuation and may introduce the fresh resistance at 77.11448 – 77.42242 on h1 time frame.
Weekly Trading Scenario
However the buyers may maintain the bullish continuation on 1d time frame, as the buyers defends the latest low at 70.89670 on 1d. Therefore, a sustained close below 70.89670 on 1d, As a result price may initiate bearish continuation and form the fresh resistance at 80.78752 – 83.07203 on 1d. In addition, a secured close above 89.37412 on h4, as the price could confirm to advantage the bullish structure and shape the fresh support at 87.22782 – 86.23806 on h4. On the other hand, if price register a close above 79.36070 on h1. However the could support bullish outlook and markout the fresh support at 77.93260 – 77.57649 on h1 time frame.
Bullish Scenario
A continuation above 89.37354 on 1d time frame
Bearish Scenario
A sustained close below 70.89670 on 1d time frame
Key Takeways
Higher time frame bias: Bullish
Major Resistance: – 86.23806 – 87.22782
Major Support: – 71.30910 – 70.89670
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