FxWirePro: Silver hits fresh 2-week low at $19.22; stay bearish
XAG/USD is currently trading around $19.27 marks. It made intraday high at $19.36 and low at $19.22 levels. Intraday bias remains bearish till the time pair holds key resistance at $19.96 levels. A daily close above $20.…
It made intraday high at $19.36 and low at $19.22 levels.
Intraday bias remains bearish till the time pair holds key resistance at $19.96 levels.
A daily close above $20.20 tests key resistances at $20.32, $20.45, $20.66, $20.78, $21.09 and $21.46 marks respectively.
On the other side, a daily close below $19.20 will take the parity down towards key supports at $19.12, $19.09, $18.87 and $18.68 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD around $19.27 with stop loss at $19.68 and target of $18.87.
