Silver continues to trade within a range, with price action largely influenced by the U.S. Dollar Index (DXY) and market expectations ahead of the Federal Reserve's policy meeting. Investors are also closely monitoring industrial demand and the outlook for global manufacturing activity, as these remain key drivers of silver prices. In addition, geopolitical risks and fluctuations in energy prices could increase volatility across the precious metals market in the short term. This week, market focus will be on the FOMC meeting, Q2 GDP (Advance Estimate), Core PCE Price Index, and Nonfarm Payrolls (NFP).
Weekly Outlook
Sideways to Slightly Bearish. Silver continues to trade below its descending trendline, indicating that bearish pressure remains in place. A sustained breakout above $59.0–$59.5 could pave the way for a move toward $61.0–$62.0. However, failure to break above this resistance may result in a pullback toward the $55.7–$54.7 support zone. The next directional move will likely depend on upcoming U.S. economic data and signs of recovery in global industrial activity.
Bullish Scenario: $61.0–$62.0
Bearish Scenario: $55.7–$54.7
Weekly Outlook
Sideways to Slightly Bearish. Silver continues to trade below its descending trendline, indicating that bearish pressure remains in place. A sustained breakout above $59.0–$59.5 could pave the way for a move toward $61.0–$62.0. However, failure to break above this resistance may result in a pullback toward the $55.7–$54.7 support zone. The next directional move will likely depend on upcoming U.S. economic data and signs of recovery in global industrial activity.
Bullish Scenario: $61.0–$62.0
Bearish Scenario: $55.7–$54.7
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