Silver Price Analysis: XAG/USD to trade with a positive bias while above $25.31 – Commerzbank
|Silver (XAG/USD) is consolidating at the 200-day moving average and holding over the 55-week ma at $25.31. In the long-term, economists at Commerzbank retain a bullish bias.
55-week ma at $25.31 underpins XAG/USD
“Silver has spent the past 2 weeks consolidating around the 200-day moving average at $25.85, but the focus remains on its current June low at $25.53. This support is reinforced by the 55-week ma at $25.31. This is expected to hold the downside and while above there we will maintain an overall still positive bias.”
“Below $25.31 lies the 24.67 April 13 low and $24.21/$23.76, the January and March lows.”
“Good resistance can now be spotted between the midMarch and mid-April highs as well as between the mid-May and early June lows at $26.69/$27.01. Further minor resistance can be found between the December, January and May 10 highs at $27.44/92.”
“Longer-term, we so far remain bullish and a break above the $30.09 February peak would 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.