Weekly Silver trading forecast
Last week silver ( xagusd ) price tested near 16$ as lowest point was 16.18$ . It came back after making lows as it settled above 16.50$ on closing . This week we have a major resistance on chart at 17.05$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect buyers to take charge from there upto 17.50$ – 17.99$ this week .
A good support on chart stands at 15.80$ . If traders break this major base level and manage to close beneath our support this week . Then expect more power to bears upto 15.40$ – 15$ upcoming week .
We have major data this week which could effect precious metals prices . Here are major event for upcoming week .
Monday : ECB president speech .
Tuesday : US Prelim GDP , US consumer confidence .
Wednesday : UK Bank stress results , OPEC meeting , ECB president speech , US ADP non farm employment change , US personal income monthly , Crude oil inventories .
Thursday : China’s manufacturing PMI , Non manufacturing PMI , UK manufacturing PMI , US manufacturing PMI .
Friday : US avg hourly earnings monthly , US unemployment rate .
These are major event for upcoming week .
Weekly silver forecast conclusion : Silver trend is weak for upcoming week .
More will update in daily forecast update ,