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- Silver Price Analysis: XAG/USD eyes further gains towards 200-DMA at $25.53 – Commerzbank
Silver Price Analysis: XAG/USD eyes further gains towards 200-DMA at $25.53 – Commerzbank
Silver (XAG/USD) has faltered just ahead of the September high at $24.95 and is consolidating. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the precious metal to enjoy further gains towards the 200-day moving average (DMA) at $25.53 while above the 55-DMA at $23.41.
Dips to hold over the $21.87/17 major support
“Silver has rallied towards and failed just ahead of the $24.95 recent high and looks to be easing back to the 55-DMA at $23.41, provided it stabilizes around here an upside bias will remain.”
“Resistance extends up to tougher resistance offered by the 200-DMA at $25.53 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 $25.29. We favour the topside but it may take several attempts to clear this band.”
“Initial support is the 55-DMA at $23.41 ahead at $22.85, the 20th August low but the market is underpinned by its long term pivotal support at $21.87/17. 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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