18 Mar 2020
Silver Price Analysis: XAG/USD consolidates selloff, trades near 12.00 figure and 2009 lows
- XAG/USD is trading off 2020 lows near its lowest since 2009.
- The level to beat for sellers is the 12.00 support.
Silver daily chart
After the dramatic fall to 2009 lows, XAG/USD is consolidating below the 13.00 figure. However, silver stays vulnerable to the downside.
Silver four-hour chart
XAG/USD is trading well below the main SMAs as remain in control. The market is challenging the 12.00 figure. A break below the above-mentioned level could send the metal lower in the vicinities of the 11.00 and 10.00 figures. On the other hand, 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
Additional key levels