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  • XAG/USD is under pressure below $18.00 per troy ounce.
  • The level to beat for sellers is the 16.40 support.
 

Silver daily chart

 
In the first two months of 2020, Silver has been consolidating the 2019 bull-run. The market is trading near the bottom of a rectangle pattern just below the main daily simple moving averages (SMAs). Silver is currently not reacting as much as gold to broad-based coronavirus fears. 
  

Silver four-hour chart

 
Silver is trading below its main SMAs as sellers want to break below the 2020 low near the 16.40 level. A break below the above-mentioned level can spark more losses towards the 16.10 and 15.90 price levels. Conversely, resistance is seen near the 17.52 level and a successful break above it could lead to further buying interest towards the 17.80 and 18.25 levels.
 
 
Resistance: 17.52, 17.80, 18.25
Support: 16.40, 16.10, 15.90
 

Additional key levels

 

Expert score

5

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