Silver Price Analysis: XAG/USD sees a minor countermove after marking a change of trend lower – Credit Suisse

FXStreet Insights Team FXStreet

Silver has completed a large and significant top. However, the precious metal is now seeing a minor short-term countermove, economists at Credit Suisse report.

Silver to only stabilize above the 200-DMA at $23.56

“Silver is seeing a minor countermove after having removed long-term price support at $21.68/42 previously, which we believe completed a large and significant top to mark an important change of trend lower.”

“Support is seen 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 $23.56, would stabilize the precious metal more meaningfully, which is not our base case.”

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FXStreet Insights Team

FXStreet

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