Silver – Silver is approaching the 60 level, and is nearing the upper end of its upward price channel

London silver continued its rebound this week, rising close to the $60 mark by early Wednesday trading. Currently, silver prices remain constrained by a complete descending channel, with the upper and lower rails at $67.3 and $49.8 respectively. Key dividing lines are at $62.4 and the 50-week moving average at $65.1. Using the volatility of a sensitive triangle pattern, silver prices risk testing $53.33. Furthermore, the 0.236 Fibonacci retracement level of the recent double-top correction at $54.8 was briefly touched last Friday. A break below this level would target the next 0.382 Fibonacci retracement level at $49.9, while the 0.5 Fibonacci retracement level is at $45.9. Additionally, since May, silver prices have repeatedly tested the top of the descending channel, with the bottom currently at $47.7 and resistance concentrated at $57.4/$58.3. If silver prices can break through this resistance zone, they are expected to retest the $61.4 and $63.9 levels.

Short-term resistance is estimated at $60.4 and $61.4, with stronger resistance expected at $62.9 to $63.7. Initial support levels are estimated at $59.3 and $58.3, followed by estimates at $57.7 and $57.1.

London Silver, July 22:
Forecasted Early Trading Range: 59.3 – 60.4
Resistance: 61.4 – 62.9 – 63.7
Support: 58.3 – 57.7 – 57.1

iShares Silver Trust Holdings:
July 13 – 14,854.64 tons
July 14 – 14,957.28 tons
July 15 – 14,957.28 tons
July 16 – 14,993.83 tons
July 17 – 15,061.32 tons
July 20 – 15,052.89 tons
July 21 – 15,044.45 tons
 

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