Weekly Silver trading forecast
Last week silver ( xagusd ) prices tested 17.20$ and our positional signals subscribers enjoyed profit as our target was 17.10$ . After making highs near 17.20$ it started cracking following gold as precious metals could not sustain their gains due to very good US equity markets .
This week we have a good hurdle on weekly chart at 17.26$ . Once traders break this major hurdle and manage to close above our resistance this week . Then expect silver prices to test upto 17.70$ – 18.30$ upcoming week .
A good support on weekly chart stands at 16.20$ . If traders break this major base level and manage to close beneath our support this week . Then expect more power to silver sellers upto 15.80$ – 15.35$ this week .
We have major events this week which will decide the fate of precious metals . Here are major events for this week .
Monday : Fed budget balance .
Tuesday : China’s yearly industrial production , UK yearly CPI .
Wednesday : UK avg earnings index , US monthly retail sales , US monthly industrial productions , Crude oil inventories , FOMC decision on interest rates .
Thursday : UK monetary policy , US CPI monthly , US unemployment claims .
Friday : US building permits .
These are major event and most important are US and UK interest rate decision which would be coming this week . So keep an eye on both major data .
Weekly Silver forecast conclusion : Xagusd trend is flat for upcoming week .
More will update in daily forecast update .