weekly silver forecast 1st week august 2016

By | July 31, 2016

Weekly silver trading forecast

Silver ( xagusd ) price could not followed gold and it did not tested higher levels . However it gave a good closing above 20.30$ zone . After fed decision not to cut interest rate it recovered beautifully from 19.60$ zone and made high near 20.50$ . This week silver weekly chart suggests a resistance at 20.80$ . If traders break this major hurdle and manage to close above our weekly resistance . Then expect this major commodity to test upto 21.49$ – 22$ this upcoming week .

A good weekly support on silver chart stands at 19.50$ . If traders break this major support level and manage to close beneath our support this week . Then expect this major commodity to test upto 18.90$ – 18.30$ this week .

we have some major event this week which could effect this major metal prices . Here are list of these major events .

Monday : China’s manufacturing PMI , UK manufacturing PMI , ISM manufacturing PMI .

Tuesday : Constructions PMI , US personal spending .

Wednesday : China’s caixin services PMI , UK services PMI , US ADP non farm empployment change , US ISM non manufacturing PMI , Crude oil inventories .

Thursday : UK monetary policy , UK interest rate decision , BOE inflaction report , US unemployment claims and factory orders .

Friday : US avg hourly earnings , US Non farm employment change , US unemployment rate .

Weekly silver forecast conclusion : Xagusd trend is positive for upcoming week .

More will update in daily forecast update .