Weekly silver trading forecast
Silver ( xagusd ) price fired from 17.45$ till 17.90$ in last few hours of friday . This week we have a good support on weekly silver chart at 17.40$ . Once traders break this major weekly support and manage to close beneath our support this week . Then expect this precious metal prices to drop upto 16.90$ – 16.40$ today .
A good resistance on weekly silver chart stands at 18.25$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal prices to fire upto 18.70$ – 19.30$ this week .
We have some major data this week which could effect trend of precious metal this week . Here are list of some major data this week .
Monday : US personal spending monthly , US personal income monthly .
Tuesday : China’s Manufacturing PMI , China’s non manufacturing PMI , BOJ monetary policy , UK manufacturing PMI , US ISM manufacturing PMI .
Wednesday : UK construction PMI , US ADP non farm employment change , Crude oil inventories , Fed statement .
Thursday : UK services PMI , BOE monetary policy , US unemployment claims , Prelim Non farm productivity q/q , ISM non manufacturing PMI .
Friday : US avg hourly earnings monthly , US non farm employment change , US unemployment rate .
These are major data and monetary policies .
Weekly silver forecast conclusion : Xagusd trend is positive upcoming week .
More will update in daily forecast .