Weekly Silver forecast
Silver price ( xagusd ) tested yearly low of 15.92$ as previous low was 16$. This time US dollar index pushed precious metals really hard. Gold has broke 1250$ last week and suggested longer term bears has taken control of precious metals. Friday comex silver price tried to recover as it marched towards our resistance of 16.28$ which we updated in our Friday’s day forecast, but failed to do so and bears pulled back till 16$ once again.
A good resistance on comex silver chart stands at 16.55$, This is resistance we have been updating continuously in our intraday posts. Once traders break this resistance and close above our resistance. Then expect good recovery in xagusd price upto 17.05$- 17.40$ in upcoming days.
A good support on xagusd chart stands at 15.50$, This is major support in comex silver prices. If somehow traders reach there and close below this. Then expect fresh panic and major selling in this commodity upto 15$, 14.60$ in upcoming days.
Weekly Silver forecast conclusion: Precious metals pack is weak, Avoid major buying in xagusd. Keep an eye on daily forecast for any trend reversal or mild recovery to take position. No fresh selling should initiate on these levels.
US Dollar Index forecast
US dollar tested 95 last week which as it updated its 2018 high. But buyers could not hold this level for long and market gave selling pressure which resulted in almost 100 pips profit booking on Friday. Dollar strength is major driving force behind precious metals crash in 2018.
A good support on US dollar chart stands at 94.20, This is a double top base level which needs to break in order to confirm any major selling pressure. If traders break this and manage to close below our support. Then expect mild pressure on US dollar index upto 93.50- 93 in upcoming days.
A good resistance on US dollar chart stands at 95.50, If traders break and close above our resistance. Then expect major strength in greenback upto 96.30- 97 in upcoming days.
US dollar index forecast conclusion: Greenback is still in positive zone. Avoid taking short till its not breaking and closing below our support.
We dont give signals in bitcoin but i get many emails to cover this cryptocurrency, So i decided to add this week. Bitcoin price ( BTC/USD ) suffered what many investor of cryptocurrency was scared of. It broke major support of 6000$ and sustained very well. I am not a fan of bitcoin price but i feel it is feeling heat due to every week hack in crypto exchanges and govt interfere.
So this week bitcoin price broke 6000$ and even closed below major support of 6000$ sending a signal for more weakness ahead. This time btcusd suggests more traction in upside. So keep an eye on its support of this week at 5450$, If traders break and close below this support. Then expect bitcoin price to test upto 5200$- 5000$ in upcoming days.
A good resistance on btcusd chart stands at 6150$, If traders somehow pull this hurdle and manage to close above our resistance. Then expect mild recovery upto 6400$- 6700$ in upcoming days.
Bitcoin forecast conclusion: All cryptocurrencies are facing wrath of governments. Avoid investing in these currencies. If wants to play then trade only Intraday.
Euro had a productive week as it closed nearly 20 pips higher than its last week’s close. It doesn’t sound much higher and suggests a flat closing but euro had a roller coaster ride last week when it tested 1.1530 and recovered again near 1.1700 and then crashed again near 1.1600. It finally settled a positive week.
Major support on eurusd chart stands at 1.1500, If forex traders break this major base and close below this support. Then expect extreme selling pressure in this major forex pair upto 1.1400- 1.1300 in upcoming days.
A good resistance on euro chart stands at 1.1730, If traders break and close above our resistance. Then expect good recovery upto 1.1850- 1.1980 in this forex pair.
Euro forecast conclusion: Eurusd trend is flat to positive for upcoming days. We would like to buy in dips this forex pair.
Read our gold analysis here
More will update in daily updates.