Silver has completed a large and significant top. However, the precious metal is now seeing a minor short-term countermove, economists at Credit Suisse report.
Silver to only stabilize above the 200-DMA at $23.56
“Silver is seeing a minor countermove after having removed long-term price support at $21.68/42 previously, which we believe completed a large and significant top to mark an important change of trend lower.”
“Support is seen at $19.65 initially, then $18.95/40, which we look to hold at first for a consolidation phase.”
“Only above the 200-day average, currently at $23.56, would stabilize the precious metal more meaningfully, which is not our base case.”