Silver has confirmed a top already and is approaching the $18.65 key support. Economists at Credit Suisse expect to see further falls in the next couple of months.
$18.65 TO PROVE AT LEAST A TEMPORARY FLOOR
“Silver has already completed a large top and keeps approaching the crucial 61.8% retracement support of the whole 2020/21 upmove at $18.65. We would expect this to prove at least a temporary floor. However, as momentum keeps deteriorating, further weakness towards the $17.92 support seems plausible during the next 1-2 months.”
“Only above the 55-day average, currently seen at $21.33, would stabilize the precious metal more meaningfully from a technical perspective.”