XAG – Silver Continues to Test Higher Levels, Poised for a Triple Top Pattern

Silver has climbed significantly this week, nearly recovering the losses from the previous week's correction. After hitting a low of $48.60 last Friday, it has climbed above $54 in early trading this Friday. The previous two highs were $54.38 on November 13th and $54.47 on October 17th. In the short term, silver prices may challenge these two zones and maintain a steady upward trend. Intraday resistance levels are estimated at $53.80 and $54.20, with the next levels expected at $54.50 and $54.88. The nearest support is expected at $53.32 and $53.00, with the next level at $52.74; the next strongest- support is expected at $52.50.

London Silver, November 28th
Forecasted Early Range: 53.35 – 54.00
Resistance: 54.35 – 54.65 – 55.25
Support: 52.80 – 52.10 – 51.45

iShares Silver Trust Silver Holdings:

November 17 – 15,218.42 tons
November 18 – 15,218.42 tons
November 19 – 15,226.88 tons
November 19 – 15,226.88 tons
November 20 – 15,246.63 tons
November 21 – 15,257.92 tons
November 24 – 15,511.81 tons
November 25 – 15,582.33 tons
November 26 – 15,582.33 tons

Any questions? contact our professional analysis team