XAG – Silver is entrenched in a high range, maintaining a weak gold and strong silver pattern

As for the silver, the price of silver has remained above the $35 since it broke through the $35 on June 5; the 25-day moving average is also an indicator that has been maintained recently, currently at $36.35, so the positions of these two zones will be an important basis for silver to remain stable. The nearest support is estimated at $3,645. It is expected that the price of silver will have the opportunity to continue the recent range struggle in the short term, but after the previous bottoming out, it is estimated that there is a greater chance of re-topping. Just on Monday, the price of silver has reached $37.21, just a stone's throw away from the high of $37.31 on June 18. The nearest resistance is $36.95 and $37.25; the subsequent targets will be $37.50 and$ 37.75.

London Silver July 8
Early range forecast: 36.45 – 36.95
Resistance 37.25 – 37.50 – 37.75 – 38.30
Support 36.20 – 35.90 – 35.65 – 35.10

iShares Silver Trust silver holdings:
June 30 – 14,826.61 tons
July 1 – 14,869.01 tons
July 2 – 14,869.01 tons
July 3 – 14,868.74 tons
July 4 – 14,868.74 tons
July 7 – 14,868.74 tons

Any questions? contact our professional analysis team