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FxWirePro: Silver hovers around $14.50 mark, further sideways movement likely

  • XAG/USD is currently trading around $14.46 marks.
     
  • It made intraday high at $14.63 and low at $14.28 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above $14.44 will test key resistances at $14.72, $14.90, $15.06, $15.22 and $15.57 marks respectively.
     
  • On the other side, a daily close below $14.40 will take the parity down towards key supports at $14.27, $14.17, $13.96, $13.80, $13.62, $13.17 and $12.62 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take short position on XAG/USD around $14.48, stop loss at $14.70 and target of $14.27/$14.17.

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