Weekly silver trading forecast
Silver ( xagusd ) price crashed badly last week . It crashed from 19.10$ till 17.10$ . It lost major ground and came in bear’s grip . Finally it settled at 17.50$ . This week we have a major weekly resistance on chart at 18.20$ . If traders break this major hurdle and manage to close above our hurdle this week . Then expect some breather for silver buyers upto 18.80$ – 19.30$ upcoming week .
A good support on weekly chart stands at 16.95$ . If traders break this major base level and manage to close below our support this week . Then expect more power to silver sellers upto 16.51$ – 16.05$ this week .
We have major data this week which could reverse trend within hours . Here are the list of major data this week .
Tuesday : German economic sentiment .
Wednesday : FOMC meeting minutes , China’s trade balance .
Thursday : US unemployment claims , Crude oil inventories , China CPI yearly , China PPI yearly .
Friday : US core retail sales monthly , US PPI monthly , US core PPI monthly , US consumer sentiment , Fed chairman speech .
These are major data for this week .
Weekly silver forecast conclusion : Trend is clearly in favor of sellers . Avoid any major buying . Keep an eye on daily levels for trend reversal .
More will update in daily forecast update .