FxWirePro: Silver stabilises above key support at $20.32; stay bullish
XAG/USD is currently trading around $20.61 marks. It made intraday high at $20.63 and low at $20.57 levels. Intraday bias remains bullish till the time pair holds key support at $20.32 levels. A daily close above $20.62 …
It made intraday high at $20.63 and low at $20.57 levels.
Intraday bias remains bullish till the time pair holds key support at $20.32 levels.
A daily close above $20.62 will test key resistances at $20.78, $21.09 and $21.46 marks respectively.
On the other side, a daily close below $20.32 will take the parity down towards key supports at $20.05, $19.88, $19.78, $19.41, $19.28, $19.17, 19.12, $19.09, $18.87 and $18.68 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
The main event for the day is U.S. ADP job data. This will provide further direction to the parity.
We prefer to take long position in XAG/USD only above $20.62 with stop loss at $20.32 and target of $20.78/$20.95/$21.18.
