Silver Price Analysis: XAG/USD eyes further downside towards the $15.56 support – Credit Suisse
|Silver (XAG/USD)remains close to its YTD lows. Economists at Credit Suisse expect the precious metal to decline towards the $15.56 support.
Move above $21.39 needed to negate the top
“Silver maintains a large top and with the market still below the crucial 61.8% retracement support of the whole 2020/21 upmove at $18.65/15, we expect further downside from here towards the $15.56 support from a technical analysis perspective.”
“Immediate resistance remains seen at the 55-day average, currently at $19.55. Above $21.39 remains needed to negate the top.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.