XAG – The September trading range for silver is $38.90

Last week, silver's overall performance was consistent with last week's forecast. Silver prices reached a new high of $39.98 last week, a new high since September 21, 2011, and closed at $39.67 on Friday. It initially dipped to $38.06 at the start of the week, but stabilized at the 25-day moving average before rising again, with the price again fluctuating by nearly two dollars. The weekly chart shows silver prices rising along the nine-week moving average, currently supported at $38.15. Silver's trading range for this month is $38.90, with potential for testing $40.20 and $41.50, near the previously mentioned target of $1.618 for a correction. Below this, the 9-day and 25-day moving averages are $38.50 and $38, respectively. We anticipate a relatively strong start to the month, but any correction should be considered until mid-month. This week's price is expected to trade between $39.35 and $40.55, with support at $38.75. Short-term intraday volatility is expected to range between $39 and $40.30.

October platinum futures initially weakened before strengthening, hitting a low of $1325 at the start of the week before reaching a high of $1375 on Friday, closing at $1370.5. Currently, the short- and medium-term moving averages are converging, with the key resistance levels being the 50-day moving average at $1375 and the 9-week moving average at $1385. If platinum can break above these levels and hold steady this week, it is expected to test $1395 and $1409, and even $1428 or $1459. Crucially, it must not fall below $1328 and $1311. The price is expected to trade between $1345 and $1409 at the start of the week, with hopes of a quick breakout of this bearish pattern. Personally, I believe any correction would present a buying opportunity.

December palladium futures hit a new high for the year at $1,382 on July 18th, then retreated, hitting a low of $1,089 on Wednesday, August 27th. After hitting the 100-day moving average, they stabilized, closing at $1,124 on Friday. I believe the correction is complete, and the price has reached the top of the January high. If this level holds, palladium could retest the July high of $1,382 and $1,400.

London Silver September Forecast Range
Resistance: 40.20 – 40.85 – 41.50 – 42.00/42.55
Support: 39.55 – 38.90 – 38.40 – 38.10/37.85

London Silver September 1-5 Forecast Range:
Resistance: 39.95 – 40.55 – 40.95 – 41.25/42.20
Support: 39.35 – 39.00 – 38.75 – 38.05/37.45

London Silver September 1:
Early Forecast Range: 39.50 – 39.90
Resistance: 40.25 – 40.55 – 40.80/41.45
Support: 39.25 – 39.00 – 38.90/38.65

iShares Silver Trust Silver Holdings:
August 18 – 15,356.61 tons
August 19 – 15,339.66 tons
August 20 – 15,305.76 tons
August 21 – 15,277.52 tons
August 22 – 15,288.82 tons
August 25 – 15,288.82 tons
August 26 – 15,274.70 tons
August 27 – 15,274.70 tons
August 28 – 15,332.59 tons
August 29 – 15,310 tons

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