Weekly silver trading forecast
Last week silver ( xagusd ) price crashed beautifully from 19$ zone till 18.50$ odd zone . We completely cashed this weakness as our positional signal initiated at 19$ for target of 18.50$ . It was a quick trade which made more than 200 pips for us . After testing 18.50 zone it fired till 19$ when fed chairman gave speech . But later it came down once again and settled at 18.65$ level .
This week silver chart suggests a major resistance at 19.15$ . If traders break this zone and manage to close above our weekly hurdle . Then expect bulls to take charge upto 19.70$ – 20.20$ and even more after that .
If silver traders break our weekly support at 17.90$ and manage to close beneath our support this week . Then expect bears to test more lower levels upto 17.40$ – 16.90$ this upcoming week .
We have some major economic data this week which could effect silver prices . Here are list of some major events this upcoming week .
Monday : US spending monthly , US personal monthly income data .
Tuesday : Japan unemployment rate , UK net loans to individual monthly , US consumer confidence .
Wednesday : US non farm employment change , US pending home sales monthly , US crude oil inventories .
Thursday : China’s manufacturing numbers , China’s non manufacturing PMI , UK manufacturing PMI , US unemployment claims , US manufacturing PMI .
Friday : UK construction PMI , US avg hourly earnings monthly , US non farm employment change , US unemployment rate , US factory orders .
These are major events for this week .
Weekly silver forecast conclusion : Xagusd trend is weak for this week .
More will update in intraday forecast update .