XAGUSD – Weekly Forecast 19-23 Aug 2013

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The XAGUSD rose strongly last week as suggested, printed new support at 20.57 levels and new high at 23.41 levels, however; with the key support 20.57 intact, the further rise couldn’t be ruled out, next resistance is at 24.60, a break will have large bullish implication towards the 27.61 levels.

On the downside, support is at 22.82 , next support comes at the 21.94 ahead of 20.57 (main), to reverse risks to the downside , the pair will have to hold below the 20.57 levels on a weekly closing basis, If seen, it would open the 19.45 where a breach will turn the focus on the 18.16.

In all, as long as 20.57 holds, the pair will remain strongly biased to the upside with risk towards the 24.60 ahead of 27.61 levels.

Strategy: buy after rejection from support or on the breakout of resistance.

Support and resistance on daily : 18.16 , 18.67, 19.45 , 20.57 ,  21.94 , 22.82, 24.60, 27.61

Support and resistance on weekly : 18.16, 20.57, 22.05, 22.56, 24.43,  29.34

 

XAGUSD Daily Chart

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