FxWirePro: Silver exhibits range bound movement, faces strong resistance at $14.28 mark

• XAG/USD is currently trading around $14.20 marks.
   
• It made intraday high at $14.21 and low at $14.10 levels.
   
• Intraday bias remains neutral till the time pair moves in stiff boundaries from $13.98 to $14.28 marks.
   
• A daily close above $14.28 will test key resistances at $14.47, $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
   
• On the other side, a daily close below $13.98 will take the parity down towards key supports at $13.85, $13.68 and 13.51 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 $14.20, stop loss $14.28 and target of $13.98.