Silver (XAG/USD) is currently on the defensive and attention is on the 200-day moving average at $24.75 and the January low at $21.87, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. Key quotes “Silver has recently failed at $26.69 and attention is on the 200-day ma $24.75. This is exposed and failure here will target the 18th January low at $24.21. Currently, we suspect that downside weakness will be limited to this. However, failure here would target the 78.6% retracement at $23.18/17. This is considered to be the last defense for the November low at $21.87.” “Above $26.69, initial resistance is offered by the 23rd February high at $28.37 ahead of the $30.09 spike high.” “Above $30.09 will target the 50% retracement of the move down from 2011, this is found at $31.7150.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Oversold conditions and Boris’ efforts may trigger rebound Yohay Elam 1 year Silver (XAG/USD) is currently on the defensive and attention is on the 200-day moving average at $24.75 and the January low at $21.87, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. Key quotes "Silver has recently failed at $26.69 and attention is on the 200-day ma $24.75. This is exposed and failure here will target the 18th January low at $24.21. Currently, we suspect that downside weakness will be limited to this. However, failure here would target the 78.6% retracement at $23.18/17. This is considered to be the last defense for the November low at $21.87." "Above… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
