Silver has eroded its four-month downtrend and 55-day moving average and is expected to rally higher, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
XAG/USD looking for further gains
“Above the market is the $24.95 recent high, but resistance extends up to tougher resistance offered by the 200-day ma at $25.56 and $26.07, the August high. The market will need to regain this area to regenerate bullish impetus. Please note that the 55-week ma also lies at $25.30. We favour the topside but it may take several attempts to clear this band.”
“Initial support is $22.85, the 20th August low but the market is underpinned by its long term pivotal support at $21.87/17. These represent the September and November 2020 lows and also the July 2014 high and the 2016 high. These are considered to be a major band of support and we expect them to act as a floor for the market.”
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