FxWirePro: Silver breaks key support at $20.32; stay bearish
XAG/USD is currently trading around $20.18 marks. It made intraday high at $20.41 and low at $20.03 levels. Intraday bias remains bearish till the time pair holds key resistance at $20.32 levels. A daily close above $20.…
It made intraday high at $20.41 and low at $20.03 levels.
Intraday bias remains bearish till the time pair holds key
resistance at $20.32 levels.
A daily close above $20.32 will test key resistances at $20.45, $20.67, $20.78, $21.09 and $21.46 marks respectively.
On the other side, a daily close below $20.03 will take the parity down towards key supports at $19.88, $19.78, $19.41, $19.28, $19.17, 19.12, $19.09, $18.87 and $18.68 marks respectively.
Important to note here that in a daily chart 20D, 30D and 55D EMA heads up and confirms the bullish trend.
We prefer to take short position in XAG/USD around $20.20 with stop loss at $20.32 and target of $20.03/ $19.78.
