Silver (XAG / USD) continues with an upward correction. Karen Jones, head of technical analysis research team at Commerzbank expects the metal to head for the $ 24.61 / 25.30 band.
Key statements:
“Silver continues to rebound from the long-term pivot support at $ 21.87 / 17, the lows of September and November 2020 and also the high of July 2014 and the high of 2016. These are considered an important support band.”
“Since the steep descent is seen as an exhaustive move, for now we will maintain our long-term bullish bias.“
“Initial resistance is the July 27 low at $ 24.46, but the toughest resistance is not found until 26.07, the current August high. “
“We see that the elliott wave count is implying a move to $ 24.61 / $ 25.30.”
“Initial support is $ 22.85. Below $ 21.17 (not favored) there would be another bearish leg to the 50% retracement at 20.75 and then the 200-week moving average at $ 18.95.”
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