XAG – Silver Tests Recent Highs, Beware of Double Top Reversal

Regarding silver, prices surged to the $89 level on Monday, but experienced a profit-taking pullback to below $85 on Tuesday, before stabilizing slightly to around $87. As mentioned in Monday's analysis, a double top pattern was anticipated around $88-$90 ​​before a further decline.

On the short-term chart, after breaking out of a small triangle pattern, the first resistance level, calculated based on the measured move, is $87.9, followed by $90.4 and $98.8. The 25-day moving average at $88.88 remains a key reference point, and Monday's rise has not yet definitively broken through it. Short-term trading is expected to be between this level and the 100-day moving average at $67.42. Intraday resistance levels are estimated at $88.8 and $90.1, with the next level at $90.8, followed by $91.4 and $92.4. The nearest supporting levels are expected at 87.4 and 86.9, followed by 86.1, with further targets at 85.1 and 83.8.

London Silver, February 24:
Forcasted Early Range: 87.4 – 88.8
Resistance: 90.1 – 90.8 – 91.4 – 92.4
Support: 86.9 – 86.1 – 85.1 – 83.8

iShares Silver Trust Holdings:
February 9th – 16,191.09 tons
February 10th – 16,216.45 tons
February 11th – 16,236.18 tons
February 12th – 16,174.18 tons
February 13th – 16,041.73 tons
February 19th – 15,547.19 tons
February 20th – 15,517.61 tons
February 23rd – 15,830.38 tons

Any questions? contact our professional analysis team