LONDON SILVER - Silver prices capped upwards by a large descending trendline, inducing an adjustment pressure

Silver prices are restricted upward by a large downward trend line, which induces adjustment pressure

For the silver, the technical chart shows that the 10-day moving average is falling below the 25-day moving average, and the bottom of the recent price consolidation is at the $23 points. Therefore, once the market outlook falls below this area, it is expected that silver prices will usher in a wave of adjustments , Extend the largest support to 22.50 and even the 250-day moving average of 21.78 US dollars. As for the upper resistance, you should pay attention to the downward trend line extending from the high on February 1 last year. The two highs this month were also restricted by this indicator. So far, it has formed an important resistance at $24.36. Another key level is the 25 points and last year's April 18 high of $26.21.

iShares Silver Trust Silver Holdings:
January 23 – 14,844.14 tons
January 24 – 14,909.94 tons
January 25 – 14,935.69 tons
January 26 – 14,935.69 tons
January 27 – 14,935.69 tons
January 27 – 14,935.69 tons
January 30 – 14,892.78 tons
January 31 – 14,852.73 tons
February 1 – 14,821.26 tons

London Silver February 2
Predicted early volatility: 23.80 – 24.30
Resistance levels: 24.50 – 24.85 – 25.20
Support levels: 23.60 – 23.15 – 22.80

 

 

 

 

 

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