FxWirePro: Silver faces strong resistance at $17.36, good to sell on rallies
Major resistance- $17.36 (May 16th high) Silver prices rose more 6% in past two trading session till $17.30 per ounce. In the Asian session 4:00 GMT the pair is trading at $17.21. The XAG/USD is facing strong resistance …
Silver prices rose more 6% in past two trading session till $17.30 per ounce. In the Asian session 4:00 GMT the pair is trading at $17.21.
The XAG/USD is facing strong resistance around $17.36 and is struggling to break above this level. Any violation above $17.36 will take the pair till $17.49/$17.75.
On the lower side minor support is around $16.77 (21 4H EMA) and break below will drag the commodity down till $16.37/$16.15.Short term.
weakness only below $15.79.
In the 4 hours chart CCI (50) and RSI(14) is showing bearish divergence.
It is good to sell on rallies around $17.20-$17.22 with SL around $17.40 for the TP of $16.80
