Silver Price Analysis: XAG/USD to tumble towards the $15.56 support – Credit Suisse

Silver (XAG/USD) maintains the top. Therefore, economists at Credit Suisse expect the precious metal to plunge towards the $15.56 support.

Silver confirmed major top

“Silver has risen back above the crucial 61.8% retracement support of the whole 2020/21 upmove at $18.65/15, however still maintains a large top below $21.39 and we hence expect further downside from here towards the $15.56 support from a technical analysis perspective.”

“Next resistance is seen at $20.87 and above $21.39 remains needed to negate the top, which is not our base case.”