Weekly Silver trading forecast
Last week silver ( xagusd ) prices traded in 20.50$ zone most of the times . It did’nt even fire after UK’s interest rate decision unlike gold . But when US data came in favor of dollar it gave a big red move and tested 19.69$ . Finally it settled at 19.70$ almost on lowest level of the week . This week silver has a good resistance on chart at 20.50$ . If traders manage to break this major hurdle and close above our resistance this week . Then expect this major commodity to test upto 21.05$ – 21.70$ this upcoming week .
A good support on weekly silver chart stands at 19.20$ . If traders break this major support level and manage to close beneath our support this week . Then expect this major commodity to test upto 18.60$ – 18.05$ this week .
We have some major data which could effect gold and xagusd prices . Here are the list of major events this week .
Monday : China’s trader balance , US mortgage delinquencies .
Tuesday : UK’s manufacturing monthly production , US prelim non farm productivity quarterly .
Wednesday : Crude oil inventories .
Thursday : US unemployment claims .
Friday : China’s industrial production yearly numbers , US monthly core retail sales , US monthly retail sales , US prelim Uom consumer sentiment .
These are major events which could effect xagusd prices this week .
Weekly silver forecast conclusion : Silver trend is positive for this week. But keep a close eye on intraday support and resistance and do not buy bulk qty .
More will update in intraday forecast update .