Silver New York Price Forecast: XAG/USD pressuring 9-day’s highs, trades near $14.50/oz

XAG/USD rebounded up sharply from the 2020 lows as the Federal Reserve announced the largest stimulus package in history.
The level to beat for buyers is the 15.00 resistance.

Flavio Tosti Independent Analyst

Silver daily chart

After a sharp selloff to 2009 lows, XAG/USD rebounded as the Fed announced no limit to its Quantitative Easing (QE) in response to the coronavirus crisis.

Silver four-hour chart

Silver found support above the 14.00 level and the 50/100 SMAs on the four-hour chart as bulls want an extension up beyond the 15.00 figure en route to the 15.50 and 16.60 level while support could emerge near the 14.00, 13.50 and 13.00 levels.

Resistance: 15.00, 15.50, 16.60

Support: 14.00, 13.50, 13.00

Additional key levels

XAG/USD

Overview
Today last price	14.55
Today Daily Change	0.13
Today Daily Change %	0.90
Today daily open	14.42

Trends
Daily SMA20	14.27
Daily SMA50	16.34
Daily SMA100	16.9
Daily SMA200	17.04

Levels
Previous Daily High	14.55
Previous Daily Low	14.28
Previous Weekly High	14.56
Previous Weekly Low	13.82
Previous Monthly High	17.58
Previous Monthly Low	11.64
Daily Fibonacci 38.2%	14.38
Daily Fibonacci 61.8%	14.44
Daily Pivot Point S1	14.28
Daily Pivot Point S2	14.14
Daily Pivot Point S3	14.01
Daily Pivot Point R1	14.55
Daily Pivot Point R2	14.68
Daily Pivot Point R3	14.82

Author

Flavio Tosti

Independent Analyst

EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.