Silver – Weekly Forecast 12 -16 Aug 2013


The XAGUSD  maintained a bullish momentum the past few days, broke above the 20.60 levels, found support at the 19.45  levels, this development leaves the pair targeting the 21.86 levels, a halt is suggested around this level, but a breach will extend gains towards the 22.82 levels, further break will aim the 24.60 levels.

On the downside, the pair will have to hold below the 19.45  levels on a daily closing basis to reverse risks to the downside, If seen, It will target the 19.17 levels where a breach will turn the focus on the 18.67 / 18.16 levels.

In all, as long as 19.45  levels hold on a daily closing basis the pair will remain biased to the upside with risk towards 21.86/22.82 levels, losing the 19.45  levels would delay/invalid the last bullish run and flip bias back to the downside.

Support and resistance on daily : 18.16 , 18.67, 19.45 ,  21.94 , 22.82, 24.60, 27.61

Support and resistance on weekly: 18.16, 20.18, 22.05, 22.56, 24.43,  29.34

Note that the pair on weekly is rebounding for retesting  22.05 levels.