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Silver’s core risk is still seen higher and strategists at Credit Suisse expect further outperformance to gold. 

Key quotes

“Silver maintains a multi-year base and we look for a sustained move above $29.86 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.”

“Support at $24.05 ideally holds.”

“Gold/Silver ratio maintains a bearish continuation pattern and we expect further silver outperformance.”