XAG – Silver Continues to Consolidate, Poised for a Breakout

London silver slipped on Tuesday, hitting a low of $51.10, but managed to stay above the $51 level. A significant rebound occurred in early Wednesday trading, returning to around $52.50. Given that silver has broken through the downtrend line since September, the technical outlook has become slightly more optimistic. However, attention should be paid to the dense resistance zone of $54.60/70 from the end of October; a break above this level would better confirm the upward trend. The 25-day moving average is also nearby at $54.75. Key resistance levels are at $55 and $57.5; support remains around $51. A break below $50.8 would represent a 1/2 retracement of the recent two highs, potentially testing $50 and the 1.618 retracement level of $49.1. Another support level is around $47.8.

London Silver, November 11:
Forecasted Early Trading Range: 52.4 – 53.3
Resistance: 53.7 – 54.1 – 54.7 – 55.3
Support: 51.9 – 51.45 – 51.1 – 50.3

iShares Silver Trust Holdings:
November 2nd – 15,759.44 tons
November 3rd – 15,751.90 tons
November 4th – 15,751.90 tons
November 5th – 15,751.90 tons
November 6th – 15,709.79 tons
November 9th – 15,695.75 tons
November 10th – 15,695.75 tons

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