FxWirePro: Silver remains well supported above $16.50 mark, Fed chair Yellen’s speech in focus
XAG/USD is currently trading around $16.63 marks. It made intraday high at $16.67 and low at $16.51 levels. Intraday bias remains slightly bullish for the moment. A daily close above $16.57 will test key resistances at $…
It made intraday high at $16.67 and low at $16.51 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above $16.57 will test key resistances at $16.77/$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 $16.57 will take the parity down towards key supports at $16.50/$16.42/$16.34/$16.27/$16.14/$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 $16.60 with stop loss at $16.48 and target of $16.77/$16.82/$16.95.
