Silver Price Analysis: XAG/USD set to defy this year's high at $30.09 – Commerzbank

Silver (XAG/USD) has reached Fibonacci retracement at $28.73. This is seen as the last defence for the $30.09 2021 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Uptrend at 27.27 offers immediate support

“Silver is consolidating below $28.73, the 78.6% retracement (yesterday’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 $27.27, 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 five 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.”