Weekly silver trading forecast
Last week even silver ( xagusd ) price had a dramatic up and down just like gold prices . It started from 19.62$ zone last monday and tested 20.50$ and cracked . Then again it fired from 19.75$ till 20.25$ and cracked from there till 19.70$ . It was a roller coaster ride and finally it settled in bears zone .
This week silver chart indicates a major support level at 19.20$ . If traders break this major base support and manage to close beneath our support . Then expect more power to sellers upto 18.60$ – 18$ this upcoming week .
A good resistance on weekly silver chart stands at 20.50$ . If traders break this major hurdle and manage to close above our resistance . Then expect buyers to take charge upto 21.10$ – 21.70$ this upcoming week .
We have some major data this week which could effect precious metals prices . Here are list of some major events .
Monday : Japan’s prelim GDP , US empire state manufacturing index .
Tuesday : Australia’s monetary policy , US building permits , US monthly CPI , US monthly core CPI , US monthly industrial production .
Wednesday : UK avg earning index , UK Claimant count change , UK unemployment rate , Crude oil inventories , FOMC meeting minutes .
Thursday : UK monthly retail sales , ECB monetary policy , US unemployment claims , Philly fed manufacturing index .
These major events will be highlight for upcoming week .
Weekly silver forecast conclusion : Xagusd trend is in favor of bears .
More will update in daily forecast update .