XAG – Silver Tests 250-Day Moving Average, Currently in a Wait-and-See State

Silver rose on Monday, then corrected on Tuesday, touching a low of $64.21. The two-day highs appear to be capped by the 250-day moving average. However, it rebounded to the $65 level in early Wednesday trading, potentially challenging the current 250-day moving average at $66.10. Another resistance level is at the 100-day moving average of $68.8. Based on the current situation, silver prices have initially broken out of the sensitive triangle pattern and the descending channel. Further resistance levels are at $66.4 and $68. A break and hold above these levels is needed for a formal breakout, potentially testing $71.4. Afterward, it may transition to a sideways channel, with the upper resistance target at $78. Using double-bottom measurement, the upper resistance targets are $67.3 and $74.9, while the lower support levels are $61.1 and $59.7.

Short-term support levels for silver are expected at $64.3 and $63.4, with the next levels at $62.8 and $61.7. Upward resistance levels are seen at $65.4 and $65.8, with further targets at $66.4 and $67.3.

London Silver, August 12:
Forecasted Early Trading Range: 64.3 – 65.4
Resistance: 65.8 – 66.4 – 67.3
Support: 63.4 – 62.8 – 61.7

iShares Silver Trust Holdings:
August 3 – 15,137.23 tons
August 4 – 15,130.82 tons
August 5 – 15,130.82 tons
August 6 – 15,172.99 tons
August 7 – 15,172.99 tons
August 10 – 15,206.72 tons
August 11 – 15,313.54 tons

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