FxWirePro: Silver moves in rigid boundaries, faces immediate support at $16.26 mark
XAG/USD is currently trading around $16.30 marks. It made intraday high at $16.32 and low at $16.12 levels. Intraday bias remains neutral till the time pair holds key resistance at $16.32 mark. Since last 5 hours pair mo…
It made intraday high at $16.32 and low at $16.12 levels.
Intraday bias remains neutral till the time pair holds key resistance at $16.32 mark.
Since last 5 hours pair moves in stiff boundaries from $16.32 to $16.26 mark.
A daily close above $16.14 will test key resistances at $16.32, $16.48, $16.60, $16.72, $16.96, $17.23 and $17.33 marks respectively.
On the other side, a daily close below $16.14 will take the parity down towards key supports at $16.02, $15.84 and $15.68 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Later today FOMC rate decision will provide further direction to the parity.
We prefer to take short position in XAG/USD only below $16.26, stop loss $16.32 and target of $16.02.
