Silver (XAG/USD) stays defensive below $22.50. A break below $21.68/42 would open up additional losses to $18.95/48, strategists at Credit Suisse report.

Drop below $21.68/42 to mark a large and significant top

“Silver has fallen sharply to turn the spotlight back on long-term price support at $21.68/42.”

“Failure to hold $21.68/42 would see a large and significant top complete to mark an important change of trend lower with support then seen at $19.65 initially, then $18.95/48.”