Weekly silver trading forecast
Silver ( xagusd ) price fired in beginning of week and then crashed badly . It tested peak of 20.12$ and then crashed till 19$ . It almost closed on lowest level of the week at 19.05$ . This week silver chart has a good weekly support at 18.45$ . If traders break this major support level and manage to close beneath our support today . Then expect this precious metal to test upto 17.90$ – 17.40$ this upcoming week .
A good resistance on weekly silver chart stands at 19.62$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this precious metal to test upto 20.12$ – 20.70$ this upcoming week .
We have some major economic data this week which could effect this metal prices . Here is the list of major events this week .
Tuesday : China’s industrial production yearly numbers , UK yearly CPI , ECB president speech .
Wednesday : UK avg earnings index , UK claimant count change , US monthly import prices , Crude oil inventories .
Thursday : UK monthly retail sales , UK monetary policy , US monthly core retail sales , US monthly PPI , US monthly retail sales , US unemployment claims , Empire state manufacturing index .
Friday : US monthly CPI , ,US monthly core CPI , US prelim Uom consumer sentiment .
These are major events for upcoming week .
Weekly silver forecast conclusion : Xagusd trend is flat to positive for upcoming week .
More will update in daily forecast update .