FxWirePro: Silver opens gap down in early Asia, good to sell on rallies
XAG/USD is currently trading around $17.77 marks. It made intraday high at $17.86 and low at $17.61 levels. Intraday bias remains bearish till the time pair holds key resistance at $18.09 mark. A daily close above $18.09…
It made intraday high at $17.86 and low at $17.61 levels.
Intraday bias remains bearish till the time pair holds key resistance at $18.09 mark.
A daily close above $18.09 will test key resistances at $18.24, $18.39, $18.52 and $18.63 marks respectively.
On the other side, a daily close below $17.94 will take the parity down towards key supports at $17.65/$17.54/$17.42/$17.35/$17.26/$17.18/$17.01 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on XAG/USD around $17.82 with stop loss at $18.02 and target of $17.42.
