Weekly silver trading forecast
Last week silver ( xagusd ) prices crashed further and tested below 16.50$ . It even closed just near 16.50$ hinting a bad week could be just hours away as its a big major level which should not break on closing basis . However assuming its already broke last week . This week we have a major support at 15.90$ on chart . Once traders take this support out and manage to close beneath our support this week . Then expect silver prices to test upto 15.45$ – 15$ upcoming week .
A good hurdle on weekly chart stands at 17.11$ . Once traders manage to break this major hurdle and close above our resistance this week . Then expect silver prices to test upto 17.55$ – 18.05$ upcoming week .
We have some major data which could effect prices this week . Here are major event for upcoming week .
Monday : ECB chairman Mario Draghi Speech .
Tuesday : US existing home sales .
Wednesday : US core durable goods monthly orders , US unemployment claims , FOMC meeting minutes .
Friday : Second estimate GDP UK .
These are major events for the week .
Weekly silver forecast conclusion : Xagusd trend is weak for upcoming week .
Keep an eye on daily forecast level for intraday support and resistance .
More will update in daily forecast update .