XAG - Silver has been fluctuating since hitting a record high, waiting for a pullback before selling

Silver hit a record high of $53.60 on Tuesday, but then experienced a sharp decline, falling nearly 3.5% to $50.44. It has since gradually stabilized, briefly re-entering the $52 mark in early Wednesday trading. Technical charts show that silver prices are currently holding above the 9-day moving average and the recent upward trend lines, currently at $50.18 and $49.55, respectively. As long as these two levels hold, silver is expected to maintain its upward trend in the medium and long term. Nearest support is expected at $51.25 and $50.805, followed by $49.85 and $49.20, and then $48.55. The resistance levels are $52.35 and $52.95, with the greatest resistance expected to be $53.95 and $54.90, and further resistance expected to be 56.45.

London Silver October 15th
Early Forecast Range: 51.25 – 52.35
Resistance: 52.95 – 53.95 – 54.90 – 56.45
Support: 50.80 – 49.85 – 49.20 – 48.55

iShares Silver Trust Silver Holdings:
October 6 – 15,311.09 tons
October 7 – 15,395.77 tons
October 8 – 15,415.53 tons
October 9 – 15,452.23 tons
October 10 – 15,443.76 tons
October 13 – 15,754.26 tons
October 14 – 15,733.09 tons

Any questions? contact our professional analysis team