Weekly silver trading forecast
Silver ( xagusd ) price behaved very strange last week . It did not crash with gold prices and fired once gold tried to recover even a bit . Finally it settled at 19.16$ almost giving a heart attack to sellers last week . A good major weekly support stands at 18.70$ . If traders break this major base level and manage to close beneath our support this week . Then expect silver prices to correct upto 18.20$ – 17.70$ this week .
A good resistance on weekly silver chart stands at 19.60$ . If traders break this major hurdle and manage to close above our weekly resistance this week . Then expect this major commodity to test upto 20.10$ – 20.70$ this week .
We have major data this week which could effect xauusd xagusd prices this week . Here is list of major data for this week .
Monday : UK manufacturing PMI , US ISM manufacturing PMI .
Tuesday : UK construction PMI .
Wednesday : UK services PMI , US ADP non farm employment change , US ISM non manufacturing PMI , Crude oil inventories .
Thursday : US unemployment claims .
Friday : UK monthly manufacturing production , US avg hourly earnings monthly , US unemployment rate , US non farm employment change .
These are major data for this week .
Weekly silver forecast conclusion : Xagusd trend is flat to weak for upcoming week .
More will update in daily forecast update .