Silver is expected to extend its sideways phase supported while above the $23.50/22.90 neighborhood. The trend would turn higher again above the $28.91 mark, strategists at Credit Suisse apprise.
Key quotes
“Silver is expected to extend its consolidation phase with support at $23.50/22.90 still ideally holding further setbacks. Above $28.91 would suggest the trend is turning higher again with resistance above the $29.86 current cycle high seen next at $30.72 and eventually we think more meaningfully and what is our base case objective at $35.23/35.365, which is the 61.8% of the entire 2011/2020 bear trend and key price resistance from September 2018.”
“Below $22.90 would warn of a deeper corrective setback with support next at $20.75, then $19.65.”
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