Silver (XAG/USD) has reached Fibonacci retracement at $28.73. this is often seen because the last defence for the $30.09 2021 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Uptrend at 27.27 offers immediate support
“Silver is consolidating below $28.73, the 78.6% retracement (yesterday’s high was $28.80). this is often considered the last defence for the $30.09 1st February high.”
“We have a near term uptrend at $27.27, before a near term pivot at $25.65, the 8th April high. While above here we’ll maintain an instantaneous positive bias. Below here lies the $24.68 12th April low and $23.76/57 the lows of the past five months.”
“Longer-term, we are bullish and an opportunity above $30.09 will target the $30.76/50% retracement of the whole move down from 2011.”
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