XAG - Silver trades sideways in a narrow range, maintaining a defensive pattern

After fell to $26.65 last Tuesday, London silver has continued to hover above $27 in recent days. However, as can be seen from the technical charts, the MACD indicator has clearly broken below the signal line, and the 5-day moving average has also broken below the 10-day moving average to form a negative cross, indicating that silver prices are still weak in the short term. The lower support is expected to be the 25-day moving average of $27.10, which further points to the key upward trend line's supporting level of $26.75 and $26.10. The next level of support is expected to be $25.80. As for the current resistance, it is expected to be $27.70, and the largest resistance is expected to be $28 and $28.30.

London Silver April 30
Forecast early range: 27.00 – 27.35
Resistance 27.65 – 27.90 – 28.15
Support 26.85 – 26.65 – 26.15

iShares Silver Trust silver holdings:
April 22 – 13,291.96 tons
April 23 – 13,320.39 tons
April 24 – 13,368.73 tons
April 25 – 13,363.04 tons
April 26 – 13,334.61 tons
April 29 – 13,348.82 tons

Any questions? contact our professional analysis team