XAG – Silver is consolidating, awaiting further action. Focus on US inflation data tomorrow night.

Silver prices have seen a narrowing range in recent months. After hitting a high of $39.52 on July 23, silver prices fluctuated downwards. However, they began to gradually recover last Wednesday, breaking through the mid-month high. The MACD indicator is also breaking above its signal line, suggesting a new upward trend in silver prices. Upward resistance is expected to be seen at $38.90 to $39.15, with significant resistance expected at $39.40. The key level will be the psychologically important $40. The support is expected at $38.50 and $38.30, with the next levels expected to be $38.10 and $37.85.

London Silver, August 28:
Early forecast range: 38.50 – 38.75
Resistance: 38.90 – 39.10 – 39.40
Support: 38.30 – 38.10 – 37.85

iShares Silver Trust Silver Holdings:
August 18 – 15,356.61 tons
August 19 – 15,339.66 tons
August 20 – 15,305.76 tons
August 21 – 15,277.52 tons
August 22 – 15,288.82 tons
August 25 – 15,288.82 tons
August 26 – 15,274.70 tons
August 27 – 15,274.70 tons

Any questions? contact our professional analysis team