Silver Weekly Forecast 29 Jul – 02 Aug 2013

blank

The Silver maintained a bullish momentum last week after topping at 20.60 levels. As a result, now the pressure will be on the key resistance 20.60. The XAGUSD will have to hold above the 20.60 levels on a daily closing basis to push the market for further upside gains If seen. It will target the 21.30 levels where a breach will turn the focus on the 22.00 levels ahead of 22.55 levels.

Alternatively, a failure to hold above the 20.66 levels could mean a return to the 19.24 levels. If 19.24 fails. Expect the pair to weaken further towards the 18.70 ahead of 18.20 levels.

In all, as long as 19.24 holds, the pair is likely to try upward towards the 22.00 levels.

In the long/medium term view, a weekly close above the 20.80 levels is needed to confirm bottoming at 18.20 levels, If seen, the pair is likely to attack 24.60 levels , If 24.60 fails on a weekly closing basis, expect the pair to gain towards the 30.00 levels, but in return, stability below the 20.80 levels on a weekly closing basis will keep the pair under pressure with risk to the downside..

Support and resistance levels on the daily chart: 18.20, 19.24, 20.60, 21.30, 22.00, 22.55, 23.12

blank

MARKET DATA

UPCOMING ECONOMIC EVENTS