FxWirePro: Silver fails to find support above $15.90 mark, stay bearish
XAG/USD is currently trading around $15.78 marks. It made intraday high at $15.84 and low at $15.77 levels. Intraday bias remains bearish till the time pair holds key resistance at $15.92 mark. A daily close above $15.83…
It made intraday high at $15.84 and low at $15.77 levels.
Intraday bias remains bearish till the time pair holds key resistance at $15.92 mark.
A daily close above $15.83 will test key resistances at $15.92, $16.07 and $16.15 marks respectively.
On the other side, a daily close below $15.83 will take the parity down towards key supports at $15.72, $15.67, $15.57, $15.48, $15.30 and $15.22 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on XAG/USD around $15.79, stop loss $15.85 and target of $15.67.
