Silver (XAG / USD) approached the mid-February high at $ 28.37. Karen Jones, FICC Technical Analysis Research Team Leader at Commerzbank, states that above that level the focus will shift to the $ 30.09 year high.
Key statements:
“Silver is on its way to the February 23 high of $ 28.37 and $ 28.73, the 78.6% retracement. This is considered the last defense to the February 1 high of $ 30.09. “
“We have a short-term uptrend at $ 26.39, ahead of a short-term pivot at $ 25.65, the April 8 high. As long as it is up here, we will maintain an immediate bullish bias. TO This is followed by the April 12 low of $ 24.68 and $ 23.76 / 57 the lows of the last 5 months. Failure here will trigger a 78.6% retracement drop to $ 23.17 “.
“Longer term above $ 30.09 is $ 30.76, the 50% retracement of all bearish movement since 2011.”
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
