Silver technical analysis
Silver ( xagusd ) price traded flat last week . It crashed last week from 17.70$ till 17.30$ . Finally it settled at 17.38$ . Almost at lowest level of the week . This week silver chart shows a weekly support at 16.90$ . If traders break this major base level and manage to close beneath this support . Then expect more power to sellers upto 16.45$ – 16$ this week .
A good weekly resistance on silver chart stands at 18.05$ . If traders break this major weekly hurdle and manage to close above our resistance . Then expect some breather for buyers upto 18.50$ – 18.90$ this week .
We have major data this week which could effect our levels and trend . Here are some major events which could make a difference .
Monday : US empire state manufacturing index , US monthly industrial production , ECB president speech .
Tuesday : UK CPI yearly , US CPI monthly , US core CPI monthly .
Wednesday : China’s quarterly GDP numbers , China’s industrial productions yearly , UK avg earnings , US building permits , Crude oil inventories .
Thursday : UK retail sales monthly , ECB decision on interest rate , US unemployment claims , US philly manufacturing index .
These are major data . Remember we have ECB interest rate decision .
Weekly silver technical analysis conclusion : Xagusd trend is weak for this week .
More will update in daily forecast update .