Despite nice drop on USDCNH since start of the year, we have seen silver mostly trading sideways. However, sooner or later correlated moves will be back, possibly after wave four rally on USDCNH. Nice resistance is near 6.84. Based on timing, next week should be important for a potential further weakness, when China fully reopens after holidays. Plus, it’s going to be a busy calendar with CB decisions and US jobs data.
Check also our update for the week ahead. CLICK HERE