XAG Silver – Silver Still Shows a Soft Pattern

Silver prices plummeted on Wednesday, hitting a three-week low of $36.77 after two days of trading around $38. Given that silver prices have initially fallen below both their 25-day moving average and their rising trend line, and the MACD indicator has just broken below its signal line, the short- to medium-term trendline is expected to remain relatively weak. Extended ranges could reach $36.85 and $36.40, with the next levels targeting $36.10 and $35.85, with the key level expected to be $35. Nearest resistance is expected to be $37.30 and $37.55, with higher resistance estimated at $37.85 and $38.30.

Silver July 31st
Early Forecast Range: 36.85–37.30
Resistance: 37.55–37.85–38.30/38.75
Support: 36.40–36.10–35.85/35.10

iShares Silver Trust Silver Holdings:
July 21st – 15,005.79 tons
July 22nd – 15,158.37 tons
July 23rd – 15,207.82 tons
July 24th – 15,207.82 tons
July 25th – 15,230.43 tons
July 28th – 15,159.79 tons
July 29th – 15,173.92 tons
July 30th – 15,149.90 tons

Any questions? contact our professional analysis team