Weekly silver forecast
Silver ( xagusd ) price followed gold lead last week as it tested 17.87$ range after fed announced it wont hike interest rate in june . Then after important lawmaker shot dead in UK regarding Brexit it cracked and tested 17.15$ support . But as expected it followed gold once again and closed at 17.48$ last week .
This week silver has a good resistance on weekly chart at 18.20$ . If traders break this major hurdle and manage to close above our resistance this week . Then expect this commodity to test upto 18.90$ – 19.50$ this upcoming week .
A good support on weekly silver chart stands at 17.10$ . If traders break this major support and manage to close beneath our support this week . Then expect this commodity to correct upto 16.50$ – 16$ this upcoming week .
We have major event BREXIT this week which could determine world market and precious metal prices fate for upcoming days and week . So stay cautious and keep an eye on event .
Weekly silver forecast conclusion : Xagusd trend is positive for upcoming week . Major trend could only be determine after Brexit vote comes out this thursday . Till then do not trade big and trade with small qty only .
More will update in daily forecast update .