Weekly silver trading forecast
Silver price ( xauusd ) refused to crash last week and everytime it tries to crash below 20$ . It came back with double speed and destroyed all the sellers . But it could not cross 20.55$ which was a key level last week . It gave a good closing at 20.18$ . This week it has a weekly resistance at 20.81$ . If traders break this major weekly resistance and manage to close above our hurdle this week . Then expect silver to fire upto 21.40$ – 22$ this upcoming week .
A good support on weekly silver chart stands at 19.80$ . If traders break this major support level and manage to close beneath our support this week . Then expect sellers to take charge upto 19.10$ – 18.30$ this upcoming week .
We have some major data this week which could effect silver prices this week . Here are major event for this upcoming week .
Monday : NAHB housing market index .
Tuesday : UK CPI , UK PPI input , US building permits , US housing starts .
Wednesday : UK average earning index , UK claimant count change , UK unemployment rate , US crude oil inventories .
Thursday : UK retail sales , ECB interest rate decision , US fed manufacturing index , US unemployment claims , US existing home sales .
Friday : UK manufacturing PMI .
So these are major events this week which could effect silver prices . Another major event is Turkey coup . This episode is also crucial so keep an eye on Turkey’s situation too . It seems to be solved for now .
More will update in daily forecast update .