FxWirePro: Silver remains well supported above $16.00 mark, stay bearish
XAG/USD is currently trading around $16.26 marks. It made intraday high at $16.27 and low at $16.14 levels. Intraday bias remains slightly bullish for the moment. A daily close above $16.17 will test key resistances at $…
It made intraday high at $16.27 and low at $16.14 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above $16.17 will test key resistances at $16.32/$16.42/$16.49/$16.62/$16.86/$16.98/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
On the other side, a daily close below $16.17 will take the parity down towards key supports at $16.04/$15.80/$15.66 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 short on XAG/USD around $16.28 with stop loss at $16.49 and target of $16.04/$15.80.
