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- Silver price to extend its rally towards the $24.61/$25.30 zone - Commerzbank
Silver price to extend its rally towards the $24.61/$25.30 zone - Commerzbank
FXStreet reports that the price of silver (XAG/USD) remains upside corrective, and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the precious metal to head into the $24.61/$25.30 band.
“Silver continues to recover off the 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."
“Initial resistance is the $24.46 the 27th July low but tougher resistance is not encountered until 26.07, the current August high.”
“We note that the Elliott wave count is implying a $24.61/$25.30 move and would allow for that.”
“Initial support is $22.85. Below $21.17 (not favoured) would see another leg lower to the 20.75/50% retracement and then the 200-week ma at $18.95.”
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