XAG – Silver is consolidating at a low level, currently in a wait-and-see mode

Silver also fell on Wednesday, but the decline was significantly narrower than the previous day, reaching a low of $47.47. The chart shows that silver has broken below its 9-day moving average, and the MACD indicator has also broken below its signal line, both reflecting the current weak trend. If silver prices break below its 25-day moving average, another round of decline is expected. Nearest support is expected at $48.00 and $47.65, with the next level expected to be $47.10, followed by $46.65 and $46.20. Expected resistance levels are $48.45 and $48.90, with significant resistance at $49.40, and further resistance expected at $49.80 and $50.25.

London Silver October 23rd
Early Forecast Range: 48.00 – 48.45
Resistance: 48.90 – 49.40 – 49.80 – 50.25
Support: 47.65 – 47.10 – 46.65 – 46.20

iShares Silver Trust Silver Holdings:
October 13th – 15,754.26 tons
October 14th – 15,733.09 tons
October 15th – 15,422.61 tons
October 16th – 15,422.61 tons
October 17th – 15,497.40 tons
October 20th – 15,769.78 tons
October 21st – 15,676.64 tons
October 22nd – 15,597.61 tons

Any questions? contact our professional analysis team