FxWirePro: Silver moves in stiff boundaries, stay bullish only above $16.08 mark
XAG/USD is currently trading around $16.04 marks. It made intraday high at $16.08 and low at $16.00 levels. Intraday bias remains neutral till the time pair holds immediate resistance at $16.08 mark. A daily close above …
It made intraday high at $16.08 and low at $16.00 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at $16.08 mark.
A daily close above $16.05 will test key resistances at $16.14, $16.22, $16.40, $16.55, $16.65, $16.90, $17.12, $17.23, $17.33 and $17.54 marks respectively.
On the other side, a daily close below $16.05 will take the parity down towards key supports at $15.90, $15.75, $15.47 and $15.32 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 long position on XAG/USD only above $16.08, stop loss $16.00 and target of $16.14/$16.27/$16.40.
