Silver (XAG / USD) spiked to 30.09 and has sold just as quickly. However, there are still more attempts to the upside, according to Karen Jones, FICC Technical Analysis Research Team Leader at Commerzbank.
Key statements
“The trend is bullish and will remain in bullish mode as long as we stay above the low of January 18, 24.21.”
“Initial support is the 55-day MA at 25.34 and the uptrend at 25.01.”
“Above 30.09, the target will be the 50% retracement of the move down from 2011, this is at 31.7150.”
“In the longer term, there is scope for 35.47, the October 2012 high.”
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