Silver about to move higher towards $30.72 – Credit Suisse

Early attempts of a range breakout can be observed in the white metal with resistance awaiting at $30.72. On the flip side, the $22.90 support holds further weakness, strategists at Credit Suisse apprise.

Key quotes

“Silver is hovering not far away from its upper consolidation range at $29.84, and with a multi-year base in place and with the market still well below its record highs this remains seen as a temporary breather ahead of a fresh move higher in due course, with resistance seen next at $30.72 and eventually we think more meaningfully and what is our base case objective at $35.23/35.365, which is the 61.8% of the entire 2011/2020 bear trend and key price resistance from September 2018.”

“Support at $22.90 ideally holds further weakness – the 38.2% retracement of the 2020 rally thus far. A break though would warn of a deeper corrective setback with support next at $20.75, then $19.65.”