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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

 

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