Silver attracted some dip-buying near the lower end of its weekly trading range, around the $27.45 region and refreshed daily tops during the early part of the European session. Economists at Credit Suisse continue to look for the XAG/USD consolidation to be eventually resolved higher.
See Silver Price Analysis: XAG/USD set to defy this year’s high at $30.09 – Commerzbank
XAG/USD to resume its uptrend once above $30.10/72
“Silver extends its choppy consolidation but with a multi-year base in place from last year this stays seen as a temporary phase ahead of the core trend eventually turning higher again.”
“Above $30.10/72 is needed to suggest the core bull trend has indeed resumed with resistance then seen next at $35.23/35.365 – the 61.8% retracement of the entire 2011/2020 bear market and late 2012 high.”
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