FxWirePro: Silver slightly up, faces immediate resistance at $16.92 mark
XAG/USD is currently trading around $16.88 marks. It made intraday high at $16.88 and low at $16.73 levels. Intraday bias remains slightly bullish till the time pair holds key support at $16.72 mark. A daily close above …
It made intraday high at $16.88 and low at $16.73 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $16.72 mark.
A daily close above $16.82 will test key resistances at $16.92, $17.02, $17.22, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
On the other side, a daily close below $16.82 will take the parity down towards key supports at $16.72, $16.58, $16.40, $16.21 and $16.10 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 $16.92, stop loss $16.72 and target of $17.22.
