FxWirePro: Silver falls in European hours, short term trend reversal likely
XAG/USD is currently trading around $18.04 marks. It made intraday high at $18.13 and low at $18.00 levels. Intraday bias remains slightly bearish till the time pair holds key resistance $18.11 mark. A daily close above …
It made intraday high at $18.13 and low at $18.00 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance $18.11 mark.
A daily close above $18.11 will test key resistances at $18.20, $18.32, $18.40, $18.87, $18.98, $19.08 and $19.24 marks respectively.
On the other side, a daily close below $17.94 will take the parity down towards key supports at $17.76, $17.62, $17.40 and $17.17 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 $18.06, stop loss at $18.18 and target of $17.94/$17.76.
