Weekly silver trading forecast
Last week silver ( xagusd ) price cracked from its peak of near 20$ till 19.20$ . But finally it could not break 19.20$ and reverted back from there . It finally gave a close at 19.61$ . This week weekly silver chart has a good resistance at 20.05$ . If traders break this major hurdle and manage to close above our weekly resistance . Then expect buyers to have upper hand in this major commodity upto 20.48$ – 21$ and even more upside after 21$ not ruled out .
A good support on weekly silver chart stands at 18.90$ . If traders break this major support level and manage to close beneath our support this week . Then expect major consolidation to take place in this major commodity upto 18.30$ – 17.50$ this week .
We have some major event this week which could effect silver prices . Here are major events .
Monday : German business climate .
Tuesday : US consumer confidence , US new home sales .
Wednesday : UK Prelim gdp , US core durable orders , US pending home sales , Crude oil inventory FOMC statement , Fed interest rate decision .
Thursday : US unemployment claims .
Friday : Japan’s monetary policy , US advance gdp numbers .
Weekly silver forecast conclusion : Xagusd trend is still weak . Keep an eye on daily levels to trade on daily market .
This week major events would be US , UK gdp numbers and Fomc statement on interest rate . Lets see if fed hike or cut interest rate this time and how they project about their next cut .
More will update in daily forecast update .