Silver (XAG / USD) is approaching the 55-day moving average at $ 26.25, but the metal will need to rebound to the $ 26.69 level to reassert upward pressure, suggests Karen Jones, FICC Technical Analysis Research Team Leader at Commerzbank.
Key statements:
“The price of silver recently fell and rebounded just before the December 9 low of $ 23.57. It has eroded the two-month downtrend and is well positioned to challenge the 55-day moving average at $ 26.25 and the mid-March high at $ 26.69. “
“The market will need to recover $ 26.69 on a closing basis to confirm bullish intent to the February 23 high of $ 28.37 and the maximum of February 1 of $ 30.09. Failure here will cause a retest of the support at $ 23.57 and the 78.6% retracement at $ 23.17. This is seen as the last defense for the 55-week moving average at $ 22.97 ”.
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