FxWirePro: Silver falls drastically against U.S. dollar, good to sell on rallies
XAG/USD is currently trading around $16.02 marks. It made intraday high at $16.26 and low at $15.92 levels. Intraday bias remains bearish for the moment. A daily close above $16.22 will test key resistances at $16.40, $1…
It made intraday high at $16.26 and low at $15.92 levels.
Intraday bias remains bearish for the moment.
A daily close above $16.22 will test key resistances at $16.40, $16.68, $16.80 and $16.97 marks respectively.
On the other side, a daily close below $16.02 will take the parity down towards key supports at $15.90, $15.70, $15.47 and $15.40 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 $16.12, top loss at $16.28 and target of $15.92/$15.70.
