XAG – Silver Breaks Through Triangle Pattern, Initiating Upward Trend

On the silver chart, all moving averages are converging on the weekly chart, indicating a stronger upward move is imminent. Currently, the 4-month resistance moving average is at $80.7, and the 9-month support moving average is at $70.1. On the daily chart, the 50-day moving average is at $77.2, which has now turned from resistance to support. Furthermore, the short-term chart shows a sensitive triangle pattern, which was broken on Wednesday, suggesting continued upward momentum in the short to medium term. Short-term resistance is estimated at $80.1 and $81.1, with stronger resistance at $82.4 and $84.1. The supporting levels are expected at $78.1 and $77.4, with stronger support forecasted at $75.9 and $73.9.

London Silver, May 8th:
Predicted Early Trading Range: 78.1 – 80.1
Resistance: 81.1 – 82.4 – 84.1
Support: 77.4 – 75.9 – 73.9

iShares Silver Trust Holdings:
April 27th – 15,154.69 tons
April 28th – 15,154.69 tons
April 29th – 15,092.75 tons
April 30th – 15,064.60 tons
May 1st – 15,042.08 tons
May 4th – 15,035.63 tons
May 5th – 15,058.15 tons
May 6th – 15,058.15 tons
May 7th – 15,079.26 tons

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