Weekly Silver trading forecast
Silver ( xagusd ) price tested 16.24$ near china’s data and then reverted back . It erased all the losses and closed almost flat for this week . It hinted it could be buyer’s week and sellers might get out for some time . This week we have a good support on weekly chart stands at 16.15$ . Once traders break this major base level and manage to close beneath our support this week . Then expect silver prices to test upto 15.70$ – 15.20$ upcoming week .
A good resistance on weekly chart stands at 17.20$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect silver prices to test upto 17.71$ – 18.30$ and even more power not ruled out .
We have some major economic events this week which could effect precious metals prices .
Monday : UK services PMI , US ISM non manufacturing PMI .
Tuesday : US revised non farm productivity , US factory orders monthly .
Wednesday : UK monthly manufacturing productions , Crude oil inventories .
Thursday : China”s trader balance , Europe interest rate , ECB press conference , US unemployment claims .
Friday : US prelim UoM consumer sentiment .
These are major events for upcoming week .
Weekly silver forecast conclusion : This week trend is flat to positive .
More will update in daily forecast .