Weekly trading forecast silver
Last week silver ( xagusd ) prices almost went to support sellers but it fired back after US major data . It tested 19.20$ and fired back till 20.32$ very same day . Friday it covered big ground from highs to lows and then again from lows to highs . It closed almost on highest level of the day at 20.27$ .
This week we have a major resistance on weekly silver chart at 21.05$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this major commodity to test upto 22$ – 23.10$ this upcoming week .
A good support on weekly silver chart stands at 19.15$ . If traders break this major support level and manage to close beneath our support this week . Then expect this major commodity to test upto 18.20$ – 17.05$ this upcoming week .
We have some major data this week which would effect this precious metal prices . Here are major event this week .
Monday : US labor market conditions .
Tuesday : UK inflation report , JOLTS job openings .
Wednesday : China’s trade balance , Crude oil inventories .
Thursday : UK monetary policy , UK interest rate announcement , US PPI monthly , US unemployment claims .
Friday : China’s GDP numbers , China’s industrial production , US CPI , US core CPI , US core retail sales , US retail sales , US consumer sentiments .
Weekly silver forecast conclusion : Xagusd trend is positive this week .
More will update in daily forecast update .