Silver is losing the momentum of December’s bullish move and trying to hold on above key support levels. The 144-day moving average has been supporting the medium-term trends and the 89-day moving average has been supporting the shorter-term trends for some time. Now both of these moving averages are supporting the uptrend which started in March. If XAGUSD can hold above 23.86 in the coming days and move past the 26.00-26.50 resistance zone, it may gain some of the momenta for bullish moves. But silver is still in danger ahead of Yellen’s speech and FOMC next week.

One of the most important reasons for silver’s losing momentum is flat ETF positions. ETFs’ stop buying silver in late summer last year. Since then, Silver entered a consolidation period. But ETFs’ silver holdings are still near the all-time high and increased nearly %70 since the start of the 2019.