Silver Price Analysis: XAG/USD to hold long term bullish bias while above 21.40/17 – Commerzbank
|Silver is on the defensive following the erosion of the 55-week moving average, argue analysts at Commerzbank. They point out the area around 24.65, guards the next support at 24.21.
Key Quotes:
“Silver has eroded the June low at 25.53 and the 55-week ma to leave the market on the defensive.”
“It has sold off to the 24.67 April 13 low, which is so far holding and this guards the 24.21, 23.76, the January and March lows.”
“Major support is not encountered until 21.40/17 and only below here will negate our longer term bullish bias.”
“Good resistance can now be spotted between the midMarch and mid-April highs as well as between the mid-May and early June lows at 26.69/27.01. • This guards the 28.80 May high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.