FxWirePro: Silver falls in European hours, stay short
XAG/USD is currently trading around $16.80 marks. It made intraday high at $16.98 and low at $16.79 levels. Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark. A daily close above $17.02…
It made intraday high at $16.98 and low at $16.79 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
A daily close above $17.02 will test key resistances at $17.08, $17.22, $17.40, $17.68, $17.87 and $18.02 marks respectively.
On the other side, a daily close below $16.74 will take the parity down towards key supports at $16.64, $16.57, $16.40, $16.17 and $16.02 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 $16.82, stop loss at $17.02 and target of $16.74/$16.57.
