Silver Price Analysis: XAG/USD to hold long term bullish bias while above 21.40/17 – Commerzbank

Silver is on the defensive following the erosion of the 55-week moving average, argue analysts at Commerzbank. They point out the area around 24.65, guards the next support at 24.21.

Key Quotes: 

“Silver has eroded the June low at 25.53 and the 55-week ma to leave the market on the defensive.”

“It has sold off to the 24.67 April 13 low, which is so far holding and this guards the 24.21, 23.76, the January and March lows.”

“Major support is not encountered until 21.40/17 and only below here will negate our longer term bullish bias.”

“Good resistance can now be spotted between the midMarch and mid-April highs as well as between the mid-May and early June lows at 26.69/27.01. • This guards the 28.80 May high.”