The prices of the plata (XAG / USD) They recently spiked to $ 30.09, subsequently retreating just as quickly. The white metal is currently in consolidation mode. Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, points to it trying to stabilize above the 55-day moving average at $ 25.65.
Key Comments:
“The trend is up and will remain in bullish mode as long as XAG / USD remains above the Jan 18 low of $ 24.21. Initial support is the 55-day SMA at 25.65$ and the support of the uptrend in 25.35$“.
“Above 30.09$, the target will be the 50% Fibonacci retracement of the move down from 2011, 31.7150$“.
“In the longer term, there is scope to go up to 35.47$, October 2012 maximum “.
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