Weekly silver trading forecast
Silver ( xagusd ) price traded flat last week and closed at 17.50$ . This week silver price has a major weekly resistance at 18.05$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 18.54$ – 19.05$ this week .
A good support on weekly chart stands at 16.90$ . If traders break this major base level and manage to close beneath our support this week . Then expect this major commodity to test upto 16.40$ – 15.90$ this week .
We have major data this week which could impact gold silver prices . Here are major economic event for the week .
Monday : China’s CB leading index monthly , US flash manufacturing PMI .
Tuesday : US CB consumer confidence , ECB president Mario Draghi speech , BOE Gov speech .
Wednesday : US flash services PMI , US new home sales numbers , Crude oil inventories .
Thursday : UK prelim quarterly GDP , US core durable goods order monthly , US unemployment claims , US durable goods order monthly , US monthly pending home sales .
Friday : US advance GDP quarterly .
These are major event for the week . Keep an eye on these events .
Weekly silver forecast conclusion : Xagusd trend is positive for upcoming week .
More will update in daily forecast update .