XAG – Silver narrowly holds above $60, maintaining a slightly bearish trend

London silver prices plummeted on Monday, breaking below the 50-day moving average, which it had struggled to hold for nearly two weeks, as well as the $62 level held mid-month and the upward trend line. On Tuesday, it even tested the psychological level of $60, reaching a low of $60.27. Technical charts show a bearish crossover of the 4-day moving average crossing below the 9-day moving average. The RSI and Stochastic Oscillator are trending downwards, and the price has moved away from its recent trading range, all suggesting a further downward move. Key resistance levels are at $64.20/50, with the $60 level poised for a test, potentially extending to $56.50.

Short-term support levels for silver are expected at $61.1 and $60.8, with the next level estimated at $60.3, followed by $59.9 and then $58.8. Resistance levels to watch are $62.1, $62.4, and $63.4, followed by $63.9 and $64.3.

London Silver, September 30th:
Forecasted Trading Range: 61.1 – 62.1
Resistance: 62.4 – 63.4 – 63.9 – 64.3
Support: 60.8 – 60.3 – 59.9 – 58.8

iShares Silver Trust Holdings:
September 21st – 15,429.36 tons
September 22nd – 15,375.88 tons
September 23rd – 15,350.60 tons
September 24th – 15,361.83 tons
September 25th – 15,378.69 tons
September 28th – 15,364.64 tons
September 29th – 15,395.54 tons

Any questions? contact our professional analysis team