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.”
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