Weekly Silver trend
Comex Silver ( xagusd ) price crashed last week when Fed decided to hike interest rate first time this year . It took almost forever to realize fed that its best time to hike the interest rate . Equity markets are on lifetime high and Unemployment rate is also low . Finally fed realized and got some courage to hike the interest rate .
Xagusd prices lost almost 70-80 cents from its pre fed prices and tested almost 15.90$ . This week we have a good weekly support on chart at 15.70$ . If traders break this major support and manage to close beneath our support this week . Then expect silver prices to test upto 15.30$ – 14.90$ upcoming week .
A good resistance on weekly chart stands at 16.55$ . If traders break this major resistance and manage to close above our resistance this week . Then expect some breather to buyers upto 17.05$ – 17.50$ upcoming week .
We have some major events this week which could effect precious metals prices this week . Here are list of major events for upcoming week .
Monday : German info business .
Tuesday : Japan monetary policy .
Wednesday : US existing home sales , Crude oil inventories .
Thursday : US final GDP quarterly , US unemployment claims , US durable goods order monthly .
Friday : UK final GDP quarterly , US new home sales data .
Weekly silver trend conclusion : Comex xagusd trend is weak for upcoming week .
More will update in daily forecast update .