Silver Price Analysis: XAG/USD eyes further downside towards the $15.56 support – Credit Suisse

FXStreet Insights Team FXStreet

Silver (XAG/USD)remains close to its YTD lows. Economists at Credit Suisse expect the precious metal to decline towards the $15.56 support.

Move above $21.39 needed to negate the top

“Silver maintains a large top and with the market still below the crucial 61.8% retracement support of the whole 2020/21 upmove at $18.65/15, we expect further downside from here towards the $15.56 support from a technical analysis perspective.”

“Immediate resistance remains seen at the 55-day average, currently at $19.55. Above $21.39 remains needed to negate the top.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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