Weekly Silver trading forecast
Silver ( xagusd ) price fired last week and tested 18.75$ almost to gear another bull run . But it could not break 18.75$ and retraced back from there . Finally it settled at 18.38$ at the end of the week . This week we have a good hurdle on chart stands at 18.91$ . Once traders break this major resistance and manage to close above our resistance this week . Then expect more firepower to silver buyers upto 19.40$ – 20$ this week .
A good support on silver chart stands at 17.80$ . Once traders break this major base level and manage to close beneath our support this week . Then expect this precious metal to test upto 17.40$ – 17$ this week .
We have some major data this week which could effect precious metals prices . Biggest event is US presidential election outcome . So keep an eye on this mega event . Here are some other event for upcoming week .
Tuesday : China’s Trade balance , UK manufacturing production monthly , US mortgage delinquencies .
Wednesday : China’s CPI Yearly , China’s PPI yearly , Crude oil inventories .
Thursday : US unemployment claims .
Friday : Prelim US consumer sentiment , Prelim US inflation expectations .
These are major events for this week .
Weekly silver forecast conclusion : Xagusd trend is positive for this week .
More will update in daily forecast update .