Silver (XAG/USD) is approaching the February high at $28.37. Above here lies the $30.09 February 1 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Silver underpinned by the $25.65 support
“Silver is on course for the $28.37 23rd February high and $28.73, the 78.6% retracement. This is regarded as the last defence for the $30.09 1st February high.”
“We have a near-term uptrend at $26.39, 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. Failure here will trigger a slide to the 78.6% retracement at $23.17.”
“Longer-term above $30.09 lies the $30.76/50% retracement of the entire move down from 2011.”