FxWirePro: Silver stabilises below $19.50, likely to break $19.19 mark
XAG/USD is currently trading around $19.46 marks. It made intraday high at $19.61 and low at $19.33 levels. Intraday bias remains bearish till the time pair holds key resistance at $19.92 levels. A daily close above $19.…
It made intraday high at $19.61 and low at $19.33 levels.
Intraday bias remains bearish till the time pair holds key
resistance at $19.92 levels.
A daily close above $19.92 tests key resistances at $20.05, $20.20, $20.32, $20.45, $20.66, $20.78, $21.09 and $21.46 marks respectively.
On the other side, a daily close below $19.50 will take the parity down towards key supports at $19.19, 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. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD around $19.52 with stop loss at $19.62 and target of $19.19.
