FxWirePro: Silver remains well supported below $14.62 mark, good to sell on rallies
XAG/USD is currently trading around $14.46 marks. It made intraday high at $14.58 and low at $14.45 levels. Intraday bias remains bearish till the time pair holds key resistance at $14.62 mark. A daily close above $14.57…
It made intraday high at $14.58 and low at $14.45 levels.
Intraday bias remains bearish till the time pair holds key resistance at $14.62 mark.
A daily close above $14.57 will test key resistances at $14.62, $14.70, $14.85, $14.97, $15.09, $15.22, $15.32 and $15.40 marks respectively.
On the other side, a daily close below $14.54 will take the parity down towards key supports at $14.40, $14.28, $14.22, $14.12 and $13.98 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 short position on XAG/USD around $14.48, stop loss at $14.62 and target of $14.27.
