Weekly silver trading forecast
Silver ( Xagusd ) prices crashed last week beautifully from 20.05$ till 19.25$ . Finally it closed near 19.30$ . We cashed its complete crash as our positional sell signal initiated at 19.75-80$ and we booked profits at 19.25$ . Almost at week’s lowest point . Upcoming week would be a battle between bulls and bears as gold is resisting to crash and its not giving any major break down .
This week silver has a major resistance on chart at 20.05$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect xagusd prices to shoot upto 20.60$ – 21.10$ this upcoming week .
A good support on weekly silver chart stands at 18.70$ . If traders break this major base level and manage to close beneath this support . Then expect bears to take charge once again upto 18.20$ – 17.60$ this upcoming week .
We have some major economic events this week which could effect gold and xagusd prices . Here are major event list for upcoming week .
Tuesday : BOJ Gov speech , US new home sales numbers .
Wednesday : US existing home sales , Crude oil inventories .
Thursday : US core durable orders monthly , US unemployment claims .
Friday : UK GDP’s second estimate , Fed chairman speech , US revisted inflation expectations .
These are major events for the week .
Weekly silver forecast conclusion : Xagusd trend is weak for now .
More will update in daily forecast update .