XAG Silver – Geopolitical Instability Drives Gold and Silver Upwards

Silver also saw a significant rise on Monday, with prices reaching a record high above $86.20. This coordinated rise in gold and silver prices further strengthens the overall attractiveness of the precious metals sector. It's worth noting that the key support level for silver remains the $70, a level it held at the end of last year. Currently, key moving averages are moving in tandem with the price, and the short-term direction depends on the support effect of these moving averages. If the price can hold above the 9-day moving average of $78.65 and the 4-day moving average of $81.85, the nearest support is expected at $84.20 and $83.20, with stronger support at $82.20 and $80.25, and then at $78.25. The nearest resistance levels are estimated at $85.20 and $86.15, with further resistance at $88.15 and $89.15, and the key level pointing towards $90.

Silver, January 13:

Forecast Early Trading Range: 84.20 – 85.20
Resistance: 86.15 – 88.15 – 89.15 – 90.15
Support: 83.20 – 82.20 – 80.25 – 78.25

iShares Silver Trust Holdings:
January 2nd – 16,444.14 tons
January 5th – 16,353.60 tons
January 6th – 16,118.16 tons
January 7th – 16,099.83 tons
January 8th – 16,215.43 tons
January 9th – 16,308.48 tons
January 12th – 16,347.95 tons

Any questions? contact our professional analysis team