XAG – Silver's Strength Continues, Re-challenging Record Highs

The technical chart for silver shows that prices broke through the recent trading range at the beginning of the week, also breaking through the 25-day moving average, after previously being repeatedly capped below it. Furthermore, the MACD indicator is currently converging with the signal lines, forming a preliminary golden cross, indicating a bullish trend in the short to medium term. On Wednesday, silver prices continued their strong upward momentum, approaching the $54 in early Thursday trading, very close to the record high of $54.47 on October 17th, suggesting a significant chance of setting a new record high. The nearest support levels are forecasted at $52.80 and $52.40, with the next level at $52.00. The stronger support levels are seen at $51.50 and $51.00. Resistance levels are forecasted at $53.80 and $54.30, with the next levels at $54.80 and $55.20.

London Silver, November 13th

Predicted Early Trading Range: 52.80 – 53.35
Resistance: 53.80 – 54.30 – 54.80 – 55.20
Support: 52.40 – 52.00 – 51.50 – 51.00
 

iShares Silver Trust Holdings:

November 3rd – 15,189.82 tons
November 4th – 15,167.64 tons
November 5th – 15,150.71 tons
November 6th – 15,114.03 tons
November 7th – 15,088.63 tons
November 10th – 15,088.63 tons
November 11th – 15,088.63 tons
November 12th – 15,088.63 tons
 

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