FxWirePro: Silver moves in stiff boundaries, consistent close above $12.62 requires for upside rally
XAG/USD is currently trading around $12.53 marks. It made intraday high at $12.68 and low at $12.28 levels. Intraday bias remains neutral for the moment. A daily close above $12.62 will test key resistances at $12.90, $1…
It made intraday high at $12.68 and low at $12.28 levels.
Intraday bias remains neutral for the moment.
A daily close above $12.62 will test key resistances at $12.90, $13.28, $13.57, $14.27, $14.72 and $15.22 marks respectively.
On the other side, a daily close below $11.98 will take the parity down towards key supports at $11.70, $11.47, $10.35, $9.62 and $8.45 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.
We prefer to take long position on XAG/USD only above $12.68, stop loss at $12.27 and target of $13.57.
