Xag/usd To Tumble Towards The $15.56 Support

Xag/usd To Tumble Towards The $15.56 Support

  • Trade Ideas
  • Commodities
  • 2022, 23 September

Brief:

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.”

Suggestion:

Sell below 19.27 for 18.92 and 18.76

Else

Buy above 19.27 for 19.39 and 19.52

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