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Silver Price Analysis: XAG/USD spikes up from the 2020 lows, challenges $14.00/oz

  • XAG/USD is bouncing off the 2020 lows as Federal Reserve launches largest stimulus package this Monday.
  • The level to beat for bulls is the 14.50 resistance.
 

Silver daily chart

 
After the selloff to 2009 lows, silver is bouncing sharply as the Fed announces unlimited Quantitative Easing (QE) to counter the coronavirus crisis. 
  

Silver four-hour chart 

 
XAG/USD is grinding higher as the market is challenging the 14.00 figure while regaining the 50 SMA on the four-hour chart. Bulls are taking control and a break above the 14.50 resistance can see the correction up extend towards the 15.00 and 17.00 figures in the coming sessions or weeks. Support can be expected near the 13.50, 13.00 and 12.50 price levels. 
 
 
Resistance: 14.50, 15.00, 17.00
Support: 13.50, 13.00, 12.50
 
 

Additional key levels

 

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