Silver (XAG / USD) is consolidating at the 200-day moving average and hovering above the 55-week moving average at $ 25.31, Commerzbank analysts describe, maintaining a bullish bias.
Key statements:
“Silver has spent the last 2 weeks consolidating around the 200-day moving average at $ 25.85, but the focus remains at its current June low of $ 25.53. This support is reinforced by the 55-week moving average at $ 25.31. This is expected to keep the downside and as long as it remains above there we will maintain an overall still positive bias“.
“Below $ 25.31 is the April low at $ 24.67 April and $ 24.21 / 23.76, the January and March lows.”
“Good resistance can now be spotted between the highs of mid-March and mid-April, as well as between the lows of mid-May and early June at $ 26.69 / $ 27.01. More minor resistance can be found between the highs of December, January and May 10 at $ 27.44 / 92. “
“Long-term, so far we are still bullish and a break above the February high of $ 30.09 in February would lead to a 50% retracement of the entire move since 2011 at $ 30.76. “
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