7 Apr 2020
Silver New York Price Forecast: XAG/USD holding onto gains above $15.00/oz
- XAG/USD bounced up sharply from the 2020 lows as the Federal Reserve introduced its largest stimulus package in history.
- The level to beat for buyers is the 15.50 resistance.
Silver daily chart
Following the sharp selloff to 2009 lows, XAG/USD bounced up as the Fed introduced a limitless Quantitative Easing (QE) in response to the coronavirus crisis.
Silver four-hour chart
Silver is about to challenge the 15.50 resistance and the 200 SMA on the four-hour chart as bulls remain in control while a break above this level should inroduce scope for further advances towards the 16.20 and 16.60 levels on the way up. On the flip side, XAG/USD could find support near the 15.00, 14.50 and 14.00 price levels.
Resistance: 15.50, 16.20, 16.60
Support: 15.00, 14.50, 14.00
Additional key levels