Price of silver subject to 28, brewing downturn pressure

For London silver, silver was unable to reach back above US$28 since the fall at the beginnig of the month, but showed sign of attempting this area this week. If it can make a clear breakthrough, silver is expected to rise again. Greater resistance at 29.10 and 30. Lower support at 26 which is also the rising trendline since December last year. Closer support at 27.75 and MA-25 of 26.80.

iShares Silver Trust silver holdings:
Feb 8 – 20,364.27tons
Feb 9 – 19,808.07tons
Feb 10 – 19750.28tons
Feb 12 – 19549.49tons
Feb 15 – 19549.49tons
Feb 16 – 19,552.37tons
Feb 17 – 19,494.60tons
Feb 18 – 19,552.37tons
Feb 19 – 19,494.60tons
Feb 22 – 19,029.49tons
Feb 23 – 19,272.14tons
Feb 24 – 19,272.14tons
Feb 25 – 19,214.37tons

London Silver February 26
Forecast early volatility: 26.60 - 27.60
Resistance: 27.90 - 28.50 - 29.00
Support: 26.15 - 25.65 - 25.40

Any questions? contact our professional analysis team