Daily Analysis XAGUSD - 20 Mar 2023

Fundamental Outlook: The recent turmoil in the banking industry, which could potentially have negative impacts on the broader economy, has led to a surge in demand for safe-haven assets like silver in the past few weeks.

Technical Analysis: Silver's uptrend remains unbroken, and there is a crucial resistance level at 22.80. Additionally, a pennant formation is visible on the chart, which could signal a potential breakout in the upward direction. If the resistance level at 22.80 is surpassed, it may pave the way for further price increases towards the 23.00 level. On the downside, the 22.30 level, represented by the 50-day simple moving average, is a crucial support level, and traders should closely monitor it for any possible trend reversals.

Support: 22.30 – 22.02 – 21.80             Resistance: 22.80 – 23.00 – 23.22