Silver New York Price Forecast: XAG/USD choppy, trades below $15.00/oz

May 1, 2020

London (May 1)  XAG/USD remains choppy just below $15.00/oz below the 50 and 100 SMAs but above the 200 SMA on the four-hour chart. The correction stemming from the 2020 lows stays intact as the market consolidated the advance in April. Additionally, it is worth mentioning that 15.00 acted as pivotal throughout April as well. Therefore, in the medium-term buyers would still be looking for a breakout beyond the 15.43 resistance opening the doors to the 15.85 and 16.50 levels. Conversely, 14.50 should act as support followed by 13.90 price level.


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