Weekly silver forecast
Silver ( xagusd ) tested 15.95$ last week . But it could not cross 16$ and retraced back from there . It retraced from 15.94$ till 15.70$ . Xagusd could not outperform gold last week but it did not retraced hard like gold too . A good resistance on weekly silver chart at 16.26$ . If traders manage to break this hurdle and close above our resistance . Then expect xagusd to zoom upto 16.90$ – 17.55$ this week .
A good support on weekly silver chart at 15.40$ . If traders manage to break this support and close beneath our support . Then expect xagusd to support sellers upto 15$ – 14.50$ this week .
China’s trade balance and china’s unemployment numbers would be crucial this week for this white metal . Bad numbers from china could lead for a consolidated week ahead . Fed minutes is also a major event this week . Last time fed chairman confused market with her commentary on interest rate . So keep an eye on this event for further trend update as well .
Weekly silver forecast conclusion : Trend is positive for this week but avoid major big trade qty trade .
More will update in daily forecast update .