XAG – Silver trades in a narrow range, awaiting Fed rate decision

London silver held near the 58 level on Monday, with a narrower trading range than last week, after reaching a record high of $59.32 on Friday. The market is currently awaiting the Fed's rate decision, which may limit silver's volatility. Given that the RSI and Stochastic Oscillator on the technical charts still show slight downward signs, silver is expected to have further room for adjustment in the short term. Furthermore, it is important to be cautious as the price approaches the 60 level, as a reversal could occur, and appropriate risk management is necessary. Nearest support levels are expected at 57.85 and 57.50, with the next levels at 57.20 and 56.85; a stronger support level is expected at 56.40. The nearest resistance levels are estimated at 58.55 and 58.80, with the next levels at 59.30 and 59.80, while the 60 level will be another key level.

London Silver, December 9
Forecast range: 57.80 – 58.40
Resistance: 58.65 – 58.90 – 59.20 – 60.20
Support: 57.55 – 57.25 – 56.95 – 55.95

iShares Silver Trust Holdings:
December 1st – 15,802.36 tons
December 2nd – 15,863.15 tons
December 3rd – 15,998.55 tons
December 4th – 16,094.45 tons
December 5th – 15,925.21 tons
December 8th – 15,888.54 tons

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