FxWirePro: Silver breaks key resistance at $16.49 mark, stay bullish
XAG/USD is currently trading around $16.54 marks. It made intraday high at $16.54 and low at $16.40 levels. Intraday bias remains slightly bullish till the time pair holds key support at $16.28 mark. A daily close above …
It made intraday high at $16.54 and low at $16.40 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $16.28 mark.
A daily close above $16.43 will test key resistances at $16.62/$16.86/$16.98/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
On the other side, a daily close below $16.43 will take the parity down towards key supports at $16.28/$16.14/$16.04/$15.80/$15.66 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 go long on XAG/USD around $16.50 with stop loss at $16.40 and target of $16.61/$16.74.
