Weekly silver price forecast
Last week silver ( xagusd ) prices fired beautifully from its lowest point of 18.40$ . It tested 19.40$ and closed almost highest level of the week . It gave a very good breakout after US unemployment rate came . It literally exploded and kicked all bears out of the market for that time .
This week it could take some cooling in beginning but trend suggests a good strong moves ahead . This week a good resistance on weekly chart stands at 20.05$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 20.60$ – 21.20$ this week .
A good weekly support on silver chart stands at 18.70$ . If traders take this support out and manage to close beneath our support . Then expect this major commodity to test upto 18.20$ – 17.50$ this week .
We have some major data this week which could effect gold silver prices .
Monday : Bank of japan’s gov speech , UK services PMI .
Tuesday : US non manufacturing PMI .
Wednesday : Australia’s quarterly gdp , UK monthly manufacturing production .
Thursday : China’s trade balance , European interest rate , US unemployment claims , Crude oil inventories .
Friday : China CPI , China PPI .
These are major events for this week
Weekly silver forecast conclusion : Xagusd trend is flat to positive for upcoming week .
More will update in daily forecast update .