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.
 

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

 

 

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