FxWirePro: Silver fails to find support above $18.40 mark, short term trend reversal likely
XAG/USD is currently trading around $18.25 marks. It made intraday high at $18.44 and low at $18.24 levels. Intraday bias remains bearish till the time pair holds key resistance at $18.43 mark. A daily close above $18.43…
It made intraday high at $18.44 and low at $18.24 levels.
Intraday bias remains bearish till the time pair holds key resistance at $18.43 mark.
A daily close above $18.43 will test key resistances at $18.62, $18.87, $18.98, $19.08 and $19.24 marks respectively.
On the other side, a daily close below $18.43 will take the parity down towards key supports at $18.15, $18.02, $17.87, $17.70, $17.62 and $17.47 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 $18.25, stop loss at $18.45 and target of $18.12/$17.94.
