Market Overview
Although the 1d time frame shifted its bias to the bearish side. As a result Silver price forecast close above at 76.41096 on 1d time frame and established the fresh support at 73.01499 on 1d. Meanwhile the h4 and h1 time frame following the 1d bullish structure and introduced the fresh support at 78.60138 on h4 and 78.52646 on h1 time frame. In addition, the m15 time frame trades in the bearish structure, as the Silver price forecast closes below the last support at and generate the fresh resistance at 81.82025 on m15 time frame.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
89.43814 – 89.66772
H1 Resistance
84.27568 – 84.47885
M15 Resistance
81.82840 – 82.05775
Major Support
1D Support
72.98542 – 69.58201
H4 Support
78.60065 – 78.06024
H1 Support
78.52762 – 78.06024
M15 Support
79.15529 – 79.08585
Market Structure Outlook
However the Silver price forecast may continue towards the upside extension on 1d time frame, as long as the Silver price forecast trades above the last support at 69.58201 on 1d time frame. In addition, a sustained close above 81.02138 on 1d time frame. As a result may support the continuation of bullish structure and develop the fresh support at 78.70685 on 1d. Moreover, if Silver price forecast post a close above 83.05288 on h1 time frame. As a result Silver price forecast would keep the bullish momentum intact and could shape the fresh support on h1 time frame. Meanwhile there is no probable support established by the Silver price forecast on h1 time frame.
Weekly Trading Scenario
Although the structure may keep favors the buyers on 1d, as long as the price stay above the last support at 69.58201 on 1d. Therefore, a close below 69.58201 on 1d. As a result price may shift structure to downside and could develop the fresh resistance at 75.36634 – 76.12195 on 1d. On the other hand, a decisive close below 78.06376 on h4, the price could signal the bearish structure and may reinforce the fresh resistance at 79.84132 – 81.02138 on h4. In addition if price secured a close below 77.79261 on h1. As a result price may establish bearish continuation and may create the fresh resistance at 80.53426 – 81.02138 on h1.
Bullish Scenario
A sustained close above 81.02138 on 1d time frame
Bearish Scenario
A close below 69.58201 on 1d time frame.
Key Takeways
Higher time frame bias: Bullish
Major Resistance: 89.43814 – 89.66772
Major Support: 72.98542 – 69.58201
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