weekly silver forecast
Silver ( xagusd ) price traded flat to weak last week . It tested 16.60$ and then bounced back till 17$ . It gave final close at 17.10$ . Close could give an indication of power jump but 16.60$ low did major damage . So this week a good resistance on silver weekly chart stands at 17.55$ . If traders break this hurdle and manage to close above our hurdle . Then expect this precious metal to test upto 18$ – 18.60$ this upcoming week .
A good weekly support on silver chart stands at 16.45$ . If traders break this major weekly support and manage to close beneath our support this week . Then expect this commodity to test upto 16$ – 15.40$ this upcoming week .
Weekly silver forecast conclusion : Trend is flat to weak for upcoming week . Trade with proper stoploss .
This week we have some major economic events which could effect this commodity prices . Economic event updated in weekly gold forecast update . Major event this upcoming week is FOMC meeting minutes . We may have some clear direction for the next rate cut by fed . Which will clear some rumours about next interest rate cut in June .
More will update in daily forecast update .