Silver New York Price Analysis: XAG/USD trading in 7-day’s highs, nearing $15.00/oz

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  • XAG/USD is bouncing up from 2020 lows as the Federal Reserve launched the largest stimulus package in history this Monday.
  • The level to beat for bulls is the 15.00 resistance.
 

Silver daily chart

 
After the sharp selloff to 2009 lows, XAG/USD is reversing up as the Fed announced unlimited Quantitative Easing (QE) to counter the coronavirus crisis, this Monday.  
  

Silver four-hour chart 

 
XAG/USD is challenging the weekly highs as the bulls are nearing the 100 SMA on the four-hour chart. The correction up is set to extend higher especially on a break beyond the 15.00 resistance level which could 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
 
 

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