Silver has definitely resumed its upward movement as the massive rally pushed XAG / USD to new seven-year highs, highlights Karen Jones, head of the FICC technical analysis research team at Commerzbank. He is now targeting the 31.7150 level.
Key statements:
“Silver has recovered from levels just below 25.00 to 30.00 in four trading days.”
“We look at the count of 13 on the daily chart and this is a warning sign. We will adjust the stops on long positions at 27.00 “.
“Above 30.09 it will be pointed to the 50% retracement of the movement towards the downside since 2011, which is at 31.7150. Long-term target is 35.47, the October 2012 high“.
“It is indicated that the intraday falls will remain in the band of 27.35 / 75 and we see the low of January 18
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