Weekly silver trading trend
Silber ( xagusd ) prices had party last week . It fired from 18.80$ till 20.04$ within two trading session . Fed gave a punch to sellers and knocked out all stoploss in one go ( we did’nt had any silver selling ) . .It tested 20.04$ and melted back ner 19.60$ . Gold did’nt followed it but it was clear that its erasing its extra gains .
This week we have a big weekly hurdle at 20.15$ . If traders break this major resistance and manage to close above our resistance this week . Then expect silver prices to test upto 20.70$ – 21.20$ this upcoming week .
A good support on weekly chart stands at 19.15$ . If traders break this major base level and manage to close beneath our support this week . Then expect silver prices to test upto 18.70$ – 18.20$ this week .
We have many economic events which could change or decide trend of precious metals this week . Here is list of major economic events .
Monday : ECB president Mario Draghi Speech .
Tuesday : US consumer confidence .
Wednesday : US core durable orders monthly , US durable goods order monthly , Fed chairman testifies , ECB president speech , Crude oil inventories .
Thursday : BOJ gov speech , US final GDP quarterly , US unemployment claims , US pending home sales , Fed chairman speech .
Friday : UK final GDP quarterly , US personal spending monthly , US revised inflation expectations .
These are major events this week .
Weekly silver trend conclusion : Xagusd trend is positive for now . But keep an eye on intraday levels .
More will update in intraday forecast trend update .