FxWirePro: Silver stabilizes below $16.90 mark, U.S. CPI data in focus
XAG/USD is currently trading around $16.86 marks. It made intraday high at $16.91 and low at $16.83 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.92 mark. A daily close abo…
It made intraday high at $16.91 and low at $16.83 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.92 mark.
A daily close above $16.92 will test key resistances at $17.12, $17.23 and $17.33 marks respectively.
On the other side, a daily close below $16.92 will take the parity down towards key supports at $16.80, $16.72, $16.58, $16.42, $16.34, $16.27, $16.16, $16.10, $16.02 and $15.84 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 long position on XAG/USD around $16.80, stop loss $16.71 and target of $16.92/$17.12.
