Silver Price Analysis: XAG/USD has the $30 2021 highs in its sights – Commerzbank
|Silver (XAG/USD) has reached Fibonacci retracement at $28.73 – this is seen as the last defence for the 30.09 2021 high, as Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes.
XAG/USD underpinned by the $25.65 level
“Silver has reached $28.73, the 78.6% retracement (Tuesday’s high was $28.80). This is regarded as the last defence for the $30.09 1st February high.”
“We have a near-term uptrend at $26.83, ahead of a near term pivot at $25.65, the 8th April high. While above here we will maintain an immediate positive bias. Below here lies the $24.68 12th April low and $23.76/57 the lows of the past 5 months.”
“Longer-term, we are bullish and a break above $30.09 will target the $30.76/50% retracement of the entire move down from 2011.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.