FxWirePro: Silver remains well supported below $16.00 mark, good to sell on rallies
XAG/USD is currently trading around $15.92 marks. It made intraday high at $15.98 and low at $15.85 levels. Intraday bias remains bearish till the time pair holds key resistance at $15.99 mark. A daily close above $15.89…
It made intraday high at $15.98 and low at $15.85 levels.
Intraday bias remains bearish till the time pair holds key resistance at $15.99 mark.
A daily close above $15.89 will test key resistances at $16.02, $16.08, $16.15, $16.40 and $16.62 marks respectively.
On the other side, a daily close below $15.89 will take the parity down towards key supports at $15.78, $15.62, $15.47, $15.40, $15.32 and $15.22 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take short position on XAG/USD around $15.95, stop loss $16.03 and target of $15.78.
