Weekly silver trading forecast
Silver ( xagusd ) prices traded in a small range last week . It simply refused to crash along with gold . It tested 18.65$ last friday but could not sustain trade below 18.70$ which was a major support . It finally gave a week close at 18.78$ . This week silver chart has a good resistance at 19.35$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect buyers to take charge in this precious metal upto 20$ – 20.70$ this week .
A good support on weekly silver chart stands at 18.35$ . If traders break this major base level and manage to close beneath our support this week . Then expect this major commodity to test upto 17.70$ – 17$ this week .
We have major data this week . So keep an eye on economic data for more . Here are major data this week .
Monday : US NAHB housing index .
Tuesday : Monetary policy Australia , US building permits , US housing starts .
Wednesday : Japan monetary policy , US monetary policy , FOMC economic projections , US crude oil inventories .
Thursday : ECB president speech , Unemployment claims .
These are major economic events . Most important is Fed minutes .
Weekly silver forecast conclusion : Xagusd trend is weak .
More will update in daily trend update .