XAG – Silver maintains its upward trend, and it is recommended to maintain a small rebound and large rise strategy

Silver continued its sideways trend at the beginning of last week, hitting a low of $40.49 before rebounding. It then pulled back on Tuesday and continued its sideways trend. On Wednesday and Thursday, it encountered support at the 9-day moving average and challenged resistance at $41.50, which had remained elusive for several days. Finally, on Friday morning, it stabilized at $41.50 and broke through the $42 level, reaching a high of $42.47 before closing at $42.1. Last week, our initial target was $42.5. Note that silver prices are approaching their historical highs. This time, the price broke through the September high of $41.5, the previous high was at $34.6 in June, and the previous high was at $25.2 in April 2024. Silver's upward trend is still likely. A strategy of small pullbacks followed by large gains is recommended. If a major correction occurs, buy in, aiming for new highs. The 9-day moving average is currently at $41.20, and the 25-day moving average is at $39.45. This week's estimated range is between $41.80 and $42.50. Upper resistance is expected at $43.15 and $43.80, while lowest support is expected at $41.15 and $40.50.

December New York platinum prices traded between $1361 and $1422 last week, closing at $1411. It continues to trade in a narrow range, and is expected to stabilize at $1400 early this week. Upward fluctuations are expected to test $1442 and $1462. The current support lies at $1381 and the 25-day moving average at $1363.

Last week, December palladium prices rose from $1117 to $1277, demonstrating a short-term one-way trend, initially closing at $1250. The market is currently challenging resistance at $1271 and $1330, with support at $12240 and $1198.

Silver Forecast Range from September 15th to 19th:
Resistance: 42.50 – 43.15 – 43.80 – 44.80
Support: 41.80 – 41.45 – 41.20 – 40.50

Silver, September 15th:
Early Trading Range Forecast: 42.05 – 42.40
Resistance: 42.65 – 42.90 – 43.15
Support: 41.80 – 41.65 – 41.25

iShares Silver Trust Silver Holdings:
September 1 – 15,310.00 tons
September 2 – 15,366.48 tons
September 3 – 15,281.40 tons
September 4 – 15,230.57 tons
September 5 – 15,193.85 tons
September 8 – 15,137.38 tons
September 9 – 15,069.60 tons

Any questions? contact our professional analysis team