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Silver recently recovered from just ahead of the 21.64 September low and rallied to the 24.69 downtrend, which is exposed. Above the downtrend, XAG/USD targets 28.93, 29.89, per Commerzbank.  

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Key quotes

“Silver (XAG/USD) increasingly looks to have based around 21.87 and the rally has so far reached the 24.69 downtrend, where it is holding. It is exposed.” 

The downtrend at 24.69 represents the barrier on the topside. This guards the 28.93 and 29.89 recent peaks.”

“Below the market, the 21.40 2008 peak guards the 200-day ma at 20.98, where we would look for signs of stabilisation, if seen (not favoured).”