FxWirePro: Silver enjoys range bound market movement, sell the rallies
XAG/USD is currently trading around $20.25 marks. It made intraday high at $20.52 and low at $20.18 levels. Intraday bias remains bearish for the movement. A daily close above $20.34 tests key resistances at $20.45, $20.…
It made intraday high at $20.52 and low at $20.18 levels.
Intraday bias remains bearish for the movement.
A daily close above $20.34 tests key resistances at $20.45, $20.66, $20.78, $21.09 and $21.46 marks respectively.
On the other side, a daily close below $20.05 will take the parity down towards key supports at $19.96, $19.87, $19.65, $19.34, $19.12, $19.09 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. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD around $20.28, stop loss at $20.52 and target $19.88/ $19.65 marks.
