Silver breathes before next leg higher towards $30.72 – Credit Suisse

FXStreet Team FXStreet

Following the rejection at $28.50 in the US last session, Silver (XAG/USD) has remained trapped in a $1 range this Wednesday. Past this consolidation phase, strategists at Credit Suisse expect the white metal to move higher towards $30.72.

Key quotes

“Silver is seeing a consolidation phase, but with a multi-year base in place and with the market still well below its record highs this remains seen as a temporary breather ahead of a fresh move higher in due course with resistance 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.”

“Support at 22.90 ideally holds further weakness – the 38.2% retracement of the 2020 rally thus far. A break though would warn of a deeper corrective setback with support next at $20.75, then $19.65.”

Author

FXStreet Team

FXStreet

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.