FxWirePro: Silver remains well supported below $16.50 mark, consistent close above requires for upside rally
XAG/USD is currently trading around $16.41 marks. It made intraday high at $16.45 and low at $16.39 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.48 mark. A daily close abo…
It made intraday high at $16.45 and low at $16.39 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.48 mark.
A daily close above $16.44 will test key resistances at $16.52, $16.75, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
On the other side, a daily close below $16.44 will take the parity down towards key supports at $16.38, $16.22, $16.10, $15.90 and $15.68 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 long position in XAG/USD only above $16.48, stop loss $16.32 and target of $16.96.
