Silver (XAG / USD) is currently on the defensive and attention is on the 200-day moving average at $ 24.75 and the January low at $ 21.87, reports Karen Jones of Commerzbank.
Key statements:
“Silver has recently flopped at $ 26.69 and attention is on the 200-day moving average at $ 24.75. This is exposed and the failure here will target the January 18 low at $ 24.21. Currently, we suspect that weakness to the downside will be limited to this. However, failure here would point to the 78.6% retracement at $ 23.18 / 17. This is considered to be the last defense before the November low of $ 21.87. “
“Above $ 26.69, initial resistance is offered by the February 23 high of $ 28.37 before the $ 30.09 peak.”
“Above $ 30.09 it will target the 50% retracement of the downward movement since 2011, which is at $ 31.71.”
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