Weekly Silver forecast
Silver ( xagusd ) price crashed last week pretty hard . It tested above 19$ and then crashed badly from peak . It cracked from 19$ till 17.32$ . This week we have a major support this week on weekly chart at 16.80$ . Once traders break this major level and manage to close beneath our support this week . Then expect more power to sellers upto 16.30$ – 15.80$ this week .
A good resistance on weekly chart stands at 17.91$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect some recovery in this precious metal upto 18.45$ – 18.91$ this week .
We have some major data this week which could alter trend of metals . Here are major events of this week .
Monday : Japan Prelim GDP , China’s yearly industrial production , ECB president speech .
Tuesday : UK yearly CPI , UK inflation report hearing , US core retail sales monthly , Empire state manufacturing index .
Wednesday : UK avg earnings index , US monthly PPI , Crude oil inventories .
Thursday : UK monthly retail sales , US building permits , US CPI monthly , US unemployment claims , Fed chairman speech .
Friday : ECB president speech .
Weekly silver forecast conclusion : Silver trend is weak for now .
More will update in daily forecast