Silver Price Analysis: XAG/USD consolidates rebound from 2020 lows, trades near $14.40 /oz

XAG/USD is reversing up from 2020 lows as the Federal Reserve launched its 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 sharp selloff to 2009 lows, XAG/USD is bouncing up as the Fed announced unlimited Quantitative Easing (QE) to counter the negative effect of the coronavirus crisis.

Silver four-hour chart

XAG/USD is consolidating the recent gains near weekly highs as the market is trading just below the 100 SMA on the four-hour chart. Bulls wooul need a breakout above the 15.00 resistance level which could introduce scope to the 15.50 and 16.60 levels in the medium term. Support is seen near 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	14.37
Today Daily Change	-0.05
Today Daily Change %	-0.35
Today daily open	14.42

Trends
Daily SMA20	15.12
Daily SMA50	16.79
Daily SMA100	17.06
Daily SMA200	17.07

Levels
Previous Daily High	14.69
Previous Daily Low	14.16
Previous Weekly High	15.29
Previous Weekly Low	11.64
Previous Monthly High	18.95
Previous Monthly Low	16.4
Daily Fibonacci 38.2%	14.36
Daily Fibonacci 61.8%	14.49
Daily Pivot Point S1	14.16
Daily Pivot Point S2	13.89
Daily Pivot Point S3	13.62
Daily Pivot Point R1	14.69
Daily Pivot Point R2	14.96
Daily Pivot Point R3	15.23

Author

Flavio Tosti

Independent Analyst

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