Strategists at Credit Suisse maintain the view that silver (XAG/USD) has established a top.  Nonetheless, the short-term consolidation continues with the $18.95/40 support zone set to hold.

Only a move above $23.52 would stabilize silver more meaningfully

“Silver remains within a short-term consolidation phase after having removed long-term price support at $21.68/42 previously, which we believe completed a large and significant top 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.”

“Only above the 200-day average, currently at $23.52, would stabilize the precious metal more meaningfully, which is not our base case.”