Silver Price Analysis: XAG/USD consolidates bullish spike, trades above $14.00/oz

XAG/USD is bouncing sharply from 2020 lows as Federal Reserve launched the largest stimulus package in history this Monday.
The level to beat for buyers is the 15.00 resistance.

Flavio Tosti Independent Analyst

Silver daily chart

After the dramatic decline to 2009 lows, silver is rebounding up sharply as the Fed announced unlimited Quantitative Easing (QE) to counter the coronavirus crisis, this Monday.

Silver four-hour chart

XAG/USD is consolidating gains as the bulls trade above the 14.00 mark and the 50 SMA. The correction can extend higher especially on a break above the 15.00 level which can introduce scope to the 15.50 and 16.60 levels in the medium term.

Resistance: 15.00, 15.50, 16.60

Support: 14.00, 13.50, 13.00

Additional key levels

XAG/USD

Overview
Today last price	14.25
Today Daily Change	-0.04
Today Daily Change %	-0.28
Today daily open	14.29

Trends
Daily SMA20	15.46
Daily SMA50	16.93
Daily SMA100	17.12
Daily SMA200	17.08

Levels
Previous Daily High	14.34
Previous Daily Low	13.17
Previous Weekly High	15.29
Previous Weekly Low	11.64
Previous Monthly High	18.95
Previous Monthly Low	16.4
Daily Fibonacci 38.2%	13.89
Daily Fibonacci 61.8%	13.62
Daily Pivot Point S1	13.53
Daily Pivot Point S2	12.77
Daily Pivot Point S3	12.37
Daily Pivot Point R1	14.7
Daily Pivot Point R2	15.1
Daily Pivot Point R3	15.86

Author

Flavio Tosti

Independent Analyst

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