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Silver New York Price Forecast: XAG/USD pressuring the 2009 lows, trades near $12/oz

  • XAG/USD is under heavy selling pressure near the 2009 lows. 
  • The level to beat for bears is the 12.00 support.

Silver daily chart

After the selloff to 2009 lows, XAG/USD is consolidating below the 13.00 figure. However, the metal stays vulnerable to the downside.

Silver four-hour chart

Silver is trading well below its main SMAs as bears remain in control. The market is pressuring the 12.00 figure. A break below the above-mentioned level might potentially send the metal lower in the near the 11.00 and 10.00 figures. On the flip side, resistance can be expected near the 13.00 and 13.50 levels. 
Resistance: 13.00, 13.50, 14.00
Support: 12.00, 11.00, 10.00

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