XAG – Silver Finds Support at 250-Day Moving Average

Silver failed to break the $70 level on Tuesday, only reaching a high of $69.94. A sharp technical pullback followed, with a low of $67.43, but it gradually recovered, even regaining the $69 level in early Wednesday trading, reaching $69.73. However, it encountered selling pressure again near the $70 level. Since the 250-day moving average was a previous resistance level, it now serves as a short-term reference. Currently, the 250-day moving average is at $67.18. As long as this area is not broken, silver prices are expected to remain relatively stable. However, it should be noted that silver prices have encountered resistance at the $70 level for three consecutive days. In other words, the market needs to see silver break through this level to initiate a new wave of upward movement; further tests of $70.7 and $72.8 are expected; support levels are at $68 and $66.3. The next target is $85.8. In the short term, $68.9 is the calculated resistance level for a 50% retracement of the two bottoms. If this level holds, the next targets are the 0.618 retracement level at $72.3 and the 0.786 retracement level at $77. Based on wave ratios, the current price should be trading within an extended range of 1.618 to 2.618, corresponding to approximately $67.3 to $75.1.

Short-term support for silver is expected at $68.7 and $68.0, followed by $67.4 and then $66.8. Resistance levels to watch are $69.9 and $70.4, with stronger resistance estimated at $71.1 and $72.4.

London Silver, August 26:
Forecasted Range: 68.7 – 69.9
Resistance: 70.4 – 71.1 – 72.4
Support: 68.0 – 67.4 – 66.8

iShares Silver Trust Holdings:
August 17 – 15,272.78 tons
August 18 – 15,343.05 tons
August 19 – 15,275.59 tons
August 20 – 15,275.59 tons
August 21 – 15,295.27 tons
August 24 – 15,399.26 tons
August 25 – 15,362.73 tons

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