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

Silver (XAG/USD) is falling to fresh YTD lows. In the view of strategists at Credit Suisse, the precious metal could suffer further losses towards the $15.56 support.

Immediate resistance remains seen at the 55-DMA of $19.76

“Silver maintains a large top and with the market now again 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 $19.76. Above $21.39 remains needed to negate the top.”