Silver (XAG/USD) stays trapped in a turgid and choppy range, holding below the 50% retracement of the 2011/2020 bear market at $30.72. Although the precious metal maintains a long-term base, analysts at Credit Suisse still expect the core uptrend to eventually resume.
See: Gold, silver to plummet by year-end to $1600 and $20 respectively – CE
Key quotes
“With a long-term base still in place though our base remains to view this a correction within a broader uptrend still, even if consolidation may still last for quite some time yet.”
“Above $30.72 remains needed to suggest the core uptrend has indeed resumed for a move to our core objective still at $35.23/35.365 – the 61.8% retracement and key high from October 2012.”
“Support is seen at $24.05 initially, then more importantly at $22.26/21.68, which we look to continue to hold. Indeed, below $21.68 would mark a top to instead throw a serious question mark over the longer term base.”
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