Silver Prices Steady as $18.00 Level Remains Vulnerable

Silver prices are flat in the Tuesday session. Will we see the metal make a push towards the round number of $18.00?
Kenny Fisher
Silver daily chart, September 16, 2019

After a promising start to the week, silver has leveled off on Tuesday. In the  European session, the metal is trading at $17.83, unchanged on the day.

Silver Muted Despite Attack on Saudi Oil Field

Silver posted strong gains last week, but the metal has been flat so far this week. The metal did not show much response to the spike in oil prices on Monday, a reaction to the attack on a Saudi oil refinery. Silver has been acting as a safe-haven asset, but both gold and silver were muted on Monday. Investors are looking ahead to the Federal Reserve meeting on Wednesday.

Technical Analysis

I continue to keep a close eye on the round number of $18.00. On Monday, silver tested this resistance line, but has been unable to consolidate above this line. Above, $18.50 is a major resistance line. If silver can break through, it would have room to make a run at $20.00, a psychologically significant level. On the downside, there is immediate support at $17.50. This is followed by support at $17.00, which has held since August 23.

XAGUSD 4-Hour Chart
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.