Silver (XAG/USD) is consolidating at the 200-day moving average and holding over the 55-week ma at $25.14. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a long-term bullish bias above the mentioned level.
55-week ma at $25.14 underpins XAG/USD
“Silver has spent the last week approximately consolidating round the 200-day moving average at $25.78, but the main target remains on its current June low at $25.53. This support is reinforced by the 55-week ma at $25.14. this is often expected to carry the downside and while above there we’ll maintain an overall still positive bias.”
“Below the 55-week ma at $25.14 lies the $24.67 April 13 low and $24.21/$23.76, the January and March lows.”
“Good resistance can now be spotted between the midMarch and mid-April highs also as between the mid-May and early June lows at $26.69/$27.01. Further minor resistance are often found between the December, January and should 10 highs at $27.44/92.”