FxWirePro: Silver hovers around $16.90 mark, U.S. consumer confidence data in focus
XAG/USD is currently trading around $16.90 marks. It made intraday high at $16.92 and low at $16.78 levels. Intraday bias remains neutral till the time pair holds key support at $16.78 mark. A daily close above $17.87 wi…
It made intraday high at $16.92 and low at $16.78 levels.
Intraday bias remains neutral till the time pair holds key support at $16.78 mark.
A daily close above $17.87 will test key resistances at $17.02, $17.22, $17.40, $17.68, $17.87 and $18.02 marks respectively.
On the other side, a daily close below $16.87 will take the parity down towards key supports at $16.74, $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 $16.90, stop loss at $17.02 and target of $16.74/16.57.
