Silver is currently at 58.63u, roughly the same spread as the last time.
But what’s inside has changed.
The price hasn’t moved, and open positions are still shrinking. The passive sell orders are also being suppressed with buy orders打.
Previously I said that if we pull back and the open positions haven’t recovered, then the prior rally wasn’t real buying—it was short-covering. Now there hasn’t been a pullback, but the open positions still haven’t come back.
The order book depth is actually okay: the buy side is much thicker than the sell side, and there are people taking orders at the lower levels. But depth alone isn’t a reason for the price to rise.
The whale accounts are still slightly bullish, but their positions are also being reduced.
The biggest problem at this level is this—there isn’t enough fuel for the rally. Without new money coming in, relying only on old funds gets harder the higher it goes.
Wait for direction. Don’t chase.
#xag $XAG