Silver – Silver Shows Consolidation and Stability

Currently, silver is forming a triangle pattern with support at $63.1 and resistance at $78.4. The 0.786 Fibonacci retracement level at $61.7 has proven to be effective support, while the 0.5 Fibonacci retracement level at $71.8 has become resistance for any rebound. If this level is breached again, the next supporting level will be $54. In the medium to long term, the 25-day moving average at $73 and the 25-week moving average at $78.3 form major resistance.

Silver has corrected from its mid-April highs before rising again to its mid-May highs. Resistance levels are: 1x Fibonacci retracement at $76.3, 1.618 Fibonacci retracement at $68.8, and 2.618 Fibonacci retracement at $56.4. Finally, based on the recent two lows, the 0.382 Fibonacci retracement level is $72.4, and the 0.5 Fibonacci retracement level is $75.8.

The chart also shows the RSI continuing its upward trend, the MACD indicator breaking above the signal line, and the 4-day moving average crossing above the 9-day moving average to form a golden cross. In the short term, silver is expected to maintain a stable trend. The supporting levels are estimated at $68.4 and $67.0, followed by $65.8 to $64.8. The resistance levels are expected at $70.3 and $71.8, with the next levels at $73.3 and $74.8.

London Silver, June 18:
Forcasted early range: 68.4 – 70.3
Resistance: 71.8 – 73.3 – 74.8
Support: 67 – 65.8 – 64.8

iShares Silver Trust Holdings:
June 8 – 15,061.48 tons
June 9 – 15,034.75 tons
June 10 – 15,027.71 tons
June 11 – 15,003.80 tons
June 12 – 14,961.60 tons
June 15 – 14,972.85 tons
June 16 – 14,972.85 tons
June 17 – 14,939.09 tons

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