Silver price (XAGUSD) trades 0.12% higher at $17.78 after yesterday’s sharp correction. The silver price gave up early gains after initial concerns for the coronavirus outbreak ease. Silver price had the same reaction as in the Iran-USA tensions. Initial spiked higher but soon gave up the gains and as the tensions eased and the price turned also negative.
IMF lowered the 2020 global growth forecast to 3.3% from 3.4% previous. For the USA it sees 2020 growth at 2.0% from 2.1%. While for China, 2020 growth forecast estimated at 6.0% from 5.8%.
The silver price failed yesterday to make fresh two week highs. The correction stalled just above the 100-day moving average. The technical outlook is bullish for silver despite the several failed attempts at 18.12.
On the upside, the initial hurdle for the silver price will be met at $17.79 the daily top. If silver prices pierce above that level, the next resistance to watch is at $18.12 the high from yesterday session. The next resistance will be met at $18.84 the high from January 8th.
On the other hand, immediate support for silver price (XAGUSD) will be met at $17.66 the daily low. Next area to watch on the downside stands at $17.56 the 100-day moving average. The 50-day moving average at $17.349 will be the next barier to the downside.