FxWirePro: Silver rises in European hours, short term trend reversal likely
XAG/USD is currently trading around $15.00 marks. It made intraday high at $15.00 and low at $14.93 levels. Intraday bias remains slightly bullish till the time pair holds key support at $14.87 mark. A daily close above …
It made intraday high at $15.00 and low at $14.93 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $14.87 mark.
A daily close above $14.94 will test key resistances at $15.07, $15.22, $15.32, $15.40, $15.57, $15.62 and $15.84 marks respectively.
On the other side, a daily close below $14.94 will take the parity down towards key supports at $14.87, $14.68, $14.52 and $14.40 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 take long position on XAG/USD around $14.98, stop loss at $14.91 and target of $15.07/$15.12.
