Silver strength has extended further than expected and analysts at Credit Suisse see scope for a challenge on the top of its long-term range.
“Silver strength has extended further than expected and above the ‘neckline’ to the 2019 top at 16.53 suggests the rally can extend to challenge multiyear resistance, starting at 19.53 and stretching up to 21.14, the 2016 high.”
“Whilst we expect the 2016 high at 21.14 to remain a formidable barrier, should strength extend and a clear and closing break be achieved, this would see a multi-year base established, with 26.22 then seen as just initial resistance.”
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