FxWirePro: Silver rejects key support at $16.42 mark, intraday bias remains bullish
XAG/USD is currently trading around $16.60 marks. It made intraday high at $16.61 and low at $16.42 levels. Intraday bias remains slightly bullish for the moment. A daily close above $16.47 will test key resistances at $…
It made intraday high at $16.61 and low at $16.42 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above $16.47 will test key resistances at $16.62/$16.75/$16.95/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.42/$16.28/$16.03 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 go long on XAG/USD around $16.58 with stop loss at $16.42 and target of $16.82.
