Silver Price Analysis: XAGUSD to plummet towards the $18.95/40 area – Credit Suisse

Silver (XAG/USD) has completed a large and significant top. Strategists at Credit Suisse expect the precious metal to plunge towards the $18.95/40 region.

Silver marks an important change of trend lower

“Silver has removed long-term price support at $21.68/42 as suspected and this has seen a large and significant top complete 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.”