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Silver maintains a long-term base and strategists at Credit Suisse expect the core uptrend to eventually resume once above the 2020 high of $29.86. 

Key quotes

“Silver has been well supported above the ‘neckline’ to its large base and 200-day average and we may be seeing the formation of a bullish ‘triangle’ continuation pattern.” 

“Above the $29.86 high of 2020 remains needed to see the range resolved higher for a resumption of the core uptrend with resistance next at the 50% retracement of the 2011/2020 bear market at $30.72, with our core objective still at $35.23/35.365 – the 61.8% retracement and key high from October 2012.”

“Whilst we would expect $35.23/365 to prove a tough initial barrier, we see no reason not to look for a move beyond here in due course also, with resistance then seen next at $41.64 and eventually the record high at $49.80.”