FxWirePro: Silver falls gradually against U.S. dollar, further downside movement likely
XAG/USD is currently trading around $14.41 marks. It made intraday high at $14.52 and low at $14.40 levels. Intraday bias remains bearish till the time pair holds key resistance at $14.52 mark. A daily close above $14.50…
It made intraday high at $14.52 and low at $14.40 levels.
Intraday bias remains bearish till the time pair holds key resistance at $14.52 mark.
A daily close above $14.50 will test key resistances at $14.72, $14.78, $14.92 and $15.08 marks respectively.
On the other side, a daily close below $14.52 will take the parity down towards key supports at $14.22, $14.17, $14.07, $13.90, $13.82, $13.68 and 13.51 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 around $14.43, stop loss $14.54 and target of $14.22/$14.17.
