Silver Price Analysis: XAG/USD to resume the uptrend on a break of the $29.86 2020 high – Credit Suisse
|Silver maintains a long-term base and strategists at Credit Suisse expect the core uptrend to eventually resume once above the 2020 high of $29.86.
Key quotes
“Silver has been well supported above the ‘neckline’ to its large base and 200-day average and we may be seeing the formation of a bullish ‘triangle’ continuation pattern.”
“Above the $29.86 high of 2020 remains needed to see the range resolved higher for a resumption of the core uptrend with resistance next at the 50% retracement of the 2011/2020 bear market at $30.72, with our core objective still at $35.23/35.365 – the 61.8% retracement and key high from October 2012.”
“Whilst we would expect $35.23/365 to prove a tough initial barrier, we see no reason not to look for a move beyond here in due course also, with resistance then seen next at $41.64 and eventually the record high at $49.80.”
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.