Silver maintains a bullish bias as XAG/USD has based mostly on the 24.20 Fibonacci help and strategists at Commerzbank search for it to re-try the topside.
“Silver has bought off and recovered from help at 24.20 final week (61.8% retracement). We suspect that the market has seen an interim base right here and will as soon as once more get better. This along with the December lows at 23.56 guard the 200-day ma at 22.49. At the moment near-term dangers stay on the draw back.”
“Restoration off the 24.20/23.56 band ought to see the market re-try the topside however the current excessive at 27.97 and Fibo resistance at 28.12 are a tricky barrier to beat. That is seen because the final defence for the 28.93 and 29.89 peaks from final 12 months.”