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Silver (XAG/USD) spiked to 30.09 and has sold off just as rapidly. Nonetheless, further upside attempts remain on the cards, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

“The trend is up and will remain in bull mode while we remain above the 24.21 18th January low.” 

“Initial support is the 55-day ma at 25.34 and the uptrend at 25.01.”

“Above 30.09 will target the 50% retracement of the move down from 2011, this is found at 31.7150.”

“Longer-term, there is scope for 35.47, the October 2012 high.”