Daily Analysis XAGUSD - 17 Mar 2023

Fundamental Outlook: The prices of precious metals, including silver, were also positively affected by doubts regarding the Federal Reserve's ability to continue raising interest rates, considering the increasing economic pressure.

Technical Analysis: Silver's uptrend remains intact, and there is an essential resistance level at 22.02, which is the 0.618 Fibonacci level. A pennant formation can also be observed, indicating a potential breakout in either direction. If the resistance level at 22.02 is successfully breached, the price may continue to rise. On the downside, the 21.60 level is a key support level, and traders should closely monitor it for any potential changes in trend.

Support: 21.60 – 21.20 – 20.95             Resistance: 22.02 – 22.45 – 22.95