FxWirePro: Silver slips below $17.00 mark, good to sell on rallies
XAG/USD is currently trading around $16.86 marks. It made intraday high at $17.00 and low at $16.85 levels. Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark. A daily close above $16.93…
It made intraday high at $17.00 and low at $16.85 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
A daily close above $16.93 will test key resistances at $17.02, $17.22, $17.37, $17.48 and $17.78 marks respectively.
On the other side, a daily close below $16.93 will take the parity down towards key supports at $16.87, $16.57, $16.07, $15.90, $15.70, $15.47 and $15.40 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 $16.90, top loss at $17.02 and target of $16.68/$16.57.
