Weekly silver forecast
Last week silver ( xagusd ) prices outperformed gold . It fired with full power and it outshine gold prices once again . This is second week when it outshine the gold prices . It closed almost 1$ up from its last closing at 19.75$ , giving a highly bullish pattern and signal for more upside .
Weekly silver chart shows a resistance now at 20.30$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 21$ – 21.90$ this upcoming week .
A good support on weekly silver chart stands at 18.80$ . If traders break this major support level and manage to close beneath our support this week . Then expect this major commodity to test upto 18$ – 17.20$ this upcoming week .
We have some major event this week which could effect silver prices . Here are some major events for upcoming week .
Monday : UK construction PMI .
Tuesday : UK services PMI , Bank of England’s gov speech .
Wednesday : ISM non manufacturing PMI ( US ) , FOMC meeting minutes .
Thursday : ADP non farm employment change , US unemployment claims , Crude oil inventories .
Friday : US avg hourly earnings , US non farm employment change , US unemployment rate .
These are major data which could effect this major commodity prices this week .
Weekly silver forecast conclusion : Xagusd trend is highly positive . Avoid any major selling without any proper stoploss . Fresh buying also not recommended on these levels .
More will update in daily price forecast update .