Weekly silver forecast
Last week silver ( xagusd ) prices fired after UK vote to get out of european union . It fired from 17.30$ till 18.32$ within hours . It finally got some sense and started consolidating . It lost almost 60 cents from highest point and finally settled near 17.70$ on closing . This week weekly silver chart has a major hurdle at 18.40$ . If traders break this major weekly resistance and manage to close above our resistance this week . Then expect silver buyers to take this major commodity to fire upto 19$ – 19.80$ this upcoming week .
A good support on weekly silver chart stands at 17$ . If traders break this major support level and manage to close beneath our support this week . Then expect this commodity to test upto 16.30$ – 15.20$ this upcoming week .
We have some major data this week which could effect xagusd prices . Here are major economic event for upcoming week .
Monday : Spanish election result impact .
Tuesday : US final gdp numbers q/q , CB consumer confidence .
Wednesday : US personal spending and income numbers , Crude oil inventories , Bank stress test results .
Thursday : UK final gdp numbers q/q , ECB monetary policy minutes . US unemployment claims .
Friday : Japan unemployment rate , China’s manufacturing PMI , China non manufacturing PMI , US ISM manufacturing PMI .
Weekly silver forecast conclusion : Xagusd trend is positive . Avoid any major selling . Keep an eye on daily levels where we update resistance and support for intraday trading .
More will update in daily forecast update .