XAGUSD Daily Forecast Aug 08 2014

Large Bearish Movement in Sight

Outlook in XAGUSD remains strongly on the downside , resistance lies at the 20.26 levels , stability below this level will keep the pair under massive pressure , support comes at the 19.74 levels ,a cut will have large bearish implantation towards the  19.25/18.60 levels , hesitation might come around this area , but further losses will pave the way towards the 17.85 levels……

On the upside , a failure to hold below the 19.74 levels could mean a return to the 20.26 levels , If seen , this could be an opportunity to sell at tops ……but , sustained trading on a daily closing basis above the 20.26 levels would reverse risks to the upside strongly , If seen , sooner or later the pair will recapture the 21.57 levels  , where a breach will turn focus on the 22.50/23.00 levels.

In all , as long as resistance 20.26 holds on a daily closing basis , the Silver/USD is likely to return to its downside momentum with risk towards the 19.25/18.60 levels , above the 20.26 will reverse risks towards the 21.57 levels and possible higher towards the 22.50/23.00 levels….

XAGUSD Daily Forecast Aug 08 2014