FxWirePro: Silver falls sharply in European hours, good to sell on rallies

• XAG/USD is currently trading around $14.53 marks.
   
• It made intraday high at $14.74 and low at $14.53 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $14.77 marks.
   
• A daily close above $14.77 will test key resistances at $14.85, $14.98, $15.10, $15.32 and $15.47 marks respectively.
   
• On the other side, a daily close below $14.72 will take the parity down towards key supports at $14.34, $14.12, 13.99 and 13.62 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 $14.55, stop loss $14.75 and target of $14.34/$14.12.