FxWirePro: Silver hits fresh 2-week low at $16.72 mark, good to sell on rallies
XAG/USD is currently trading around $16.73 marks. It made intraday high at $16.77 and low at $16.72 levels. Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark. A daily close above $16.76…
It made intraday high at $16.77 and low at $16.72 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
A daily close above $16.76 will test key resistances at $16.87, $17.02, $17.22, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
On the other side, a daily close below $16.76 will take the parity down towards key supports at $16.72, $16.58, $16.40, $16.21 and $16.10 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 in XAG/USD around $16.76, stop loss $16.87 and target of $16.58.
