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- Silver Price Analysis: XAG/USD to dive towards $17.00 on a breach of $21.68/42 – Credit Suisse
Silver Price Analysis: XAG/USD to dive towards $17.00 on a breach of $21.68/42 – Credit Suisse
Silver has extended its recent and definitive rejection of its key falling long-term 200-day moving average (DMA) for a retest of its major support at $21.68/42. A break below here would confirm a major top, clearing the way for a fall to the $17.00, strategists at Credit Suisse report.
Silver is seen on the cusp of establishing a major top
“A clear and ideally weekly close below $21.42 should confirm a major top, further reinforcing our existing negative view and confirm a change of trend lower for 2022. We would then look for a fall to the September 2019 high at $19.65 initially, then the 61.8% retracement of the 2020/2021 bull trend and ‘neckline’ to the prior long-term base at $18.69/64.
“Whilst we would expect $18.69/64 to hold at first, we would be biased to a break below here with support then seen next at $17/16.95.”
“A close above the $25.41 November high is not only needed to ease fears of a major top, but it would also see the metal back above its 200-DMA, clearing the way for strength back to the 2021 highs at $29.86/30.10.”
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