Credit Suisse see a consolidation phase for XAG before it moves up again.
- Silver is seeing a consolidation phase
- but with a multi-year base in place and with the market still well below its record highs this remains seen as a temporary breather ahead of a fresh move higher in due course
Analysts nominate areas of support
- at $22.90 ideally holds further weakness – the 38.2% retracement of the 2020 rally thus far. A break though would warn of a deeper corrective setback with support next at $20.75, then $19.65.”
And, resistance:
- seen next at $30.72 and eventually we think more meaningfully and what is our base case objective at $35.23/35.365, which is the 61.8% of the entire 2011/2020 bear trend and key price resistance from September 2018
CS overnight note.
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