Silver has extended its rally to the downtrend from the 2021 high, now at 24.78. Economists at Credit Suisse expect the metal to move back lower.

Move above 24.78 would mark an important break higher

“Heading into Q1 we look for the downtrend and high at 24.55/78 to continue to cap and for a retracement lower to emerge for a test of support at 21.79 initially, then 21.12/20.58, where we look for a floor.”

“Above 24.78 would mark an important break higher to clear the way for further strength to test the 26.94 high of 2022.”