FxWirePro: Silver moves in still boundaries, consistent close above $14.70 requires for upside rally
XAG/USD is currently trading around $14.61 marks. It made intraday high at $14.69 and low at $14.56 levels. Intraday bias remains slightly bearish till the time pair holds immediate resistance at $14.80 mark. A daily clo…
It made intraday high at $14.69 and low at $14.56 levels.
Intraday bias remains slightly bearish till the time pair holds immediate resistance at $14.80 mark.
A daily close above $14.70 will test key resistances at $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.55 will take the parity down towards key supports at $14.42, $14.22, $14.07, $13.90, $13.82, $13.68 and 13.51 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 around $14.60, stop loss $14.49 and target of $14.82/$14.98.
