XAG – Silver is struggling in a high range

As for silver, the technical chart shows that the RSI and stochastic index are falling from the overbought area, and the silver price is expected to fall from the high range. The nearest support is estimated at $33 and 25-day moving averages of $32.60; in addition, it should be noted that if silver breaks below $32 in the future, it can be regarded as a clearer signal of a decline. The decline in the early trading of last Wednesday also stopped just above the $32. Calculated based on the golden ratio, the adjustment range of 23.6% and 38.2% is seen at $31.94 and $31.20, while 50% and 61.8% are at $30.60 and $30. As for the current resistance, it is expected to be 33.70, where it has stopped for the past three days; the largest resistance is expected to be $34.30 and $34.55.

London silver forecast range from April 28 to May 2:
Resistance 33.40 – 33.85 – 34.20 – 34.55 – 35.00
Support 33.00 – 32.60 – 32.25 – 31.80 – 31.35

London Silver April 28
Forecasted early range: 32.90 – 33.15
Resistance 33.35 – 33.55 – 33.80 – 34.05
Support 32.60 – 32.20 – 31.75 – 31.30

iShares Silver Trust Silver Holdings:
April 14 – 13,972.97 tons
April 15 – 14,066.34 tons
April 16 – 14,103.13 tons
April 17 – 14,120.10 tons
April 21 – 14,120.10 tons
April 22 – 14,120.10 tons
April 23 – 14,073.42 tons
April 24 – 13,960.26 tons
April 28 – 13,956.01 tons

Any questions? contact our professional analysis team