Silver (XAG/USD) failed in the 30.00 region and is seen slipping back towards support at 21.87/64, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
See: Gold, silver to plummet by year-end to $1600 and $20 respectively – CE
Key quotes
“The price of silver has so far come close to the 78.6% Fibonacci retracement of the September-to-February advance at 23.45, a slip through which would have the early and late October lows at 22.89/59 in its sights. Below this support area the September and November lows can be found at 21.87/64.”
“Immediate downside pressure should remain in play while silver trades below the 200-day moving average and the early March low at 24.81/92. More significant resistance can be found between the November high, January 21 high, February low, 55-day moving average and mid-March high at 25.89/26.69. While it caps we will stick to our negative stance.”
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