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Fan Yang

Silver (XAG/USD) Tests Price Bottom Resistance as Support

Silver $XAGUSD pulled back from a high above $16 to almost $15 this week. A bullish market should keep price above $15 for the most part. A break below $14.50 would likely be part of a bearish trend. 

XAGUSD Daily Chart

(click to enlarge)

Resistance as Support:
- On the daily chart, we can see that XAG/USD was in a consolidation range between October and the end of 2018.
- This range was between roughly $13.95 and $15. Price is now back just above $15, testing this previous resistance as support.
- A hold above $15 would reflect a bullish market, or at least a market that respects the late 2018 price bottom. 
- Perhaps, XAG/USD is now going to trade in a higher a range between $15 and $16.50.
- But I think respect of the $15 level as support opens up the 2017 highs around $18.50. 
- For now, the $16.50 level is a conservative bullish target, while the $18.50 is an aggressive one. 
- However, a break below $14.50 could be part of a continuing bearish-neutral market that would put pressure back on the $14.00 low, with the potential to push lower towards another key support (2015/2016 -low) around $13.60. 

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