Silver Price Forecast: XAG/USD to hit the $35.23/35.365 area on a break above $30.72 – Credit Suisse
Silver remains in its range from summer last year. A break above the $30.72 mark is needed to see a resumption of the uptrend, as the Credit Suisse analyst team notes.
Support area at $22.26/21.68 set to hold
“Silver stays trapped in its choppy range, still holding 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 still, even if consolidation may still last several months yet.”
“Above $30.72 remains needed to suggest the core uptrend has indeed resumed for a move to our core objective still at $35.23/35.365 – the 61.8% retracement and key high from October 2012.”
“Support is seen at $23.78 initially, then more importantly at $22.26/21.68, which we look to continue to hold. Indeed, below $21.68 would mark a top to instead throw a serious question mark over the longer-term base.”
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FXStreet Insights Team
FXStreet
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