FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that silver (XAG/USD) has reached Fibonacci retracement at $28.73 and this is seen as the last defence for the 30.09 2021 high.

“Silver has reached $28.73, the 78.6% retracement (Tuesday’s high was $28.80). This is regarded as the last defence for the $30.09 1st February high.” 

“We have a near-term uptrend at $26.83, ahead of a near-term pivot at $25.65, the 8th April high. While above here we will maintain an immediate positive bias.” 

“Longer-term, we are bullish and a break above $30.09 will target the $30.76/50% retracement of the entire move down from 2011."