FxWirePro: Silver falls in European hours, good to sell on rallies
XAG/USD is currently trading around $12.30 marks. It made intraday high at $13.24 and low at $12.21 levels. Intraday bias remains bearish for the moment. A daily close above $12.90 will test key resistances at $14.72, $1…
It made intraday high at $13.24 and low at $12.21 levels.
Intraday bias remains bearish for the moment.
A daily close above $12.90 will test key resistances at $14.72, $15.22, $15.86, $16.35, $16.62, $16.87, $17.02 and $17.27 marks respectively.
On the other side, a daily close below $12.90 will take the parity down towards key supports at $12.06, $11.80, $11.47, $10.35 and $8.45 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 $12.35, stop loss at $13.25 and target of $11.80/$11.47/$10.35.
