Silver Price Analysis: XAGUSD to resume its decline towards $18.95/40 – Credit Suisse
|Silver extends its consolidation from just above support from the rising 200-week average, now seen at $20.36. In the view of strategists at Credit Suisse, this strength stays seen as temporary with a major top still in place.
Silver unlikely to stabilize above 200-DMA at $23.50
“With a large and significant top seen in place, this remain seen as a temporary pause only ahead of a sustained break lower in due course with support then seen next at $19.65 initially, then $18.95/40, which we look to hold at first for a consolidation phase.”
“Only above the 200-day average, currently at $23.50, would stabilize the precious metal more meaningfully, which is not our base case.”
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