weekly silver trend
Silver crashed last week with gold and it followed gold pretty accurately which is a good sign . Last week silver highest point was 14.80$ . Silver lowest point was 14.18$ last week . Silver closed 14.25$ . weekly silver trend remain in favors of bears . This week if silver price click our weekly silver support at 13.80$ and close below our weekly silver support then expect market to correct upto 13.20$ – 12.50$ and even more correction in silver prices not ruled out .
If silver price click our weekly silver resistance at 14.92$ and close above our weekly silver resistance then expect silver market to favor buyers upto 15.40$ – 16.10$ and even more relief for buyers may come after 16.10$ .
weekly silver trend conclusion : Weekly silver trend is weak for now . Avoid any buy trade till market does’nt break our resistance . Silver chart is in weak zone so if trading intraday watch our intraday levels in daily update . Currently our trading system is in sell for silver . It could change buy or could remain sell . We update daily trend for silver daily so keep an eye on silver daily trend . Bulk trading in silver specially buy should not be execute this week . Market is in extreme pressure . Wall Street ( Dowjones ) also lost 700 points last week and Industrial demand of silver is in pressure as well . So these factors are also in play for silver . This week market could make new lows or it could come back in positive trend . Stay tune and read daily silver forecast before executing any trade .
This week major data which could effect silver price trend . Here is the list of all major data for this week .
Monday : GDP Numbers Japan
Tuesday : US Core CPI , CPI and Industrial Production m/m
Wednesday : US Building permits and FOMC minutes
Thursday : Japan Monetary Policy , US Unemployment claims
More Support Resistance for silver will update in daily silver price trend update during market hours .