Silver Price Analysis: XAG/USD to resume the core uptrend above $30.72 – Credit Suisse

Strategists at Credit Suisse continue to view consolidation in XAG/USD as temporary with a long-term base still seen in place here. What’s more, silver is expected to outperform gold.

See – Silver Price Analysis: XAG/USD to nosedive towards $21.50 by year-end – CE

Silver maintains a long-term base

“Silver stays trapped in a turgid range below the 50% retracement of the 2011/2020 bear market at $30.72. With a long-term base still in place though our base remains to view this a correction within a broader uptrend.” 

“Above $30.72 remains needed to suggest the core uptrend has indeed resumed for a move to our objective still at $35.23/35.365 – the 61.8% retracement and key high from October 2012.”

“Silver is still expected to on balance outperform Gold with the trend for the Gold/Silver ratio still seen lower, despite the recent loss of momentum.”