XAG London Silver - Silver Encounters Resistance and Retreats, Limited Adjustment Space

In London silver trading, the price surged to 32.34 on Thursday before experiencing a significant drop, erasing gains made earlier in the week. Over the past three days, it has been largely capped around this area, nearing the 50% retracement level of the recent downtrend, which will continue to serve as an important reference resistance. Looking at the technical charts, the MACD indicator has crossed above the signal line, with the 10-day moving average surpassing the 25-day moving average, indicating that silver prices are likely to develop a slightly stable trend in the medium term. The nearest support levels are at $30.75 and the 100-day moving average at $30.55, with the next level pointing to the $30 mark. Additionally, silver found support near the $29.60 level twice in November, which will be considered a key support for the medium-term trend. Resistance is estimated at $31.20 and $31.50, with a major resistance level expected at the $32 mark.

London Silver, December 13
Forecast early range: 30.75 - 31.30
Resistance: 31.65 - 32.20 - 32.65
Support: 30.20 - 29.95 - 29.75

iShares Silver Trust Silver Holdings:
December 2 - 14,709.59 tons
December 3 - 14,709.59 tons
December 4 - 14,640.99 tons
December 5 - 14,775.63 tons
December 6 - 14,733.11 tons
December 9 - 14,751 tons
December 10 - 14,594.23 tons
December 11 - 14,414.25 tons
December 12 - 14,397.24 tons

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