FxWirePro: Silver fails to break key resistance at $16.90 mark, bias turns bearish again
XAG/USD is currently trading around $16.76 marks. It made intraday high at $16.90 and low at $16.66 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.90 mark. A daily close abo…
It made intraday high at $16.90 and low at $16.66 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.90 mark.
A daily close above $16.75 will test key resistances at $16.90, $17.08, $17.23 and $17.33 marks respectively.
On the other side, a daily close below $16.75 will take the parity down towards key supports at $16.60, $16.42, $16.34, $16.27, $16.16, $16.10, $16.02 and $15.84 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on XAG/USD only below $16.72, stop loss $16.90 and target of $16.42.
