XAG – Silver Consolidates at Low Levels, Brewing for a Rebound

London silver stabilized amid fluctuations this week, but remains capped by $61. Currently, the price is likely to fluctuate within several ranges. Support is at the 100-week moving average at $48, while resistance is at the 50-week moving average at $63.8. The ascending parallel channel formed in March was broken in early June, with the estimated target of approximately $56.7 based on the channel height, which has now been reached. Currently, the price remains within a triangle pattern, with the upper and lower boundaries at $74.1 and $56.4, respectively. Based on the double top formation of the recent two months, the 0.382 Fibonacci retracement level is at $60.3, the 0.236 Fibonacci retracement level is at $64.3, and the 0.5 and 0.618 Fibonacci retracement levels are at $56.9 and $53.7, respectively.

If the rebound is successful this week, based on the double bottom pattern formed in the past two months, the first upside target could be around $61.9 (0.5 Fibonacci retracement level). Further resistance levels are at $63.1 and $64.8 (0.618 and 0.786 Fibonacci retracement levels), respectively.

Short-term support levels are estimated at $59.1 and $58.1, followed by $57.3 to $56.3. Resistance levels are expected at $60.4 and $61.0, with stronger resistance at $61.9 and $62.4.

Silver July Forecast Range:

Resistance: 58.8 – 60.7 – 62.4 – 64.1 – 65.8

Support: 56.9 – 55.1 – 51.8 – 49.8 – 47.9

London Silver July 2nd:

Forecast Early Trading Range: 59.1 – 60.4

Resistance: 61 – 61.9 – 62.4

Support: 58.1 – 57.3 – 56.3

iShares Silver Trust Silver Holdings:

June 22 – 15,023.49 tons
June 23 – 14,941.91 tons
June 24 – 14,918.00 tons
June 25 – 14,991.13 tons
June 26 – 14,947.54 tons
June 29 – 14,902.53 tons
June 30 – 14,922.22 tons
July 1 – 14,922.22 tons

Any questions? contact our professional analysis team