FxWirePro: Silver trades flat ahead of FOMC rate decision
XAG/USD is currently trading around $14.53 marks. It made intraday high at $14.56 and low at $14.51 levels. Intraday bias remains neutral for the moment. A daily close above $14.55 will test key resistances at $14.72, $1…
It made intraday high at $14.56 and low at $14.51 levels.
Intraday bias remains neutral for the moment.
A daily close above $14.55 will test key resistances at $14.72, $14.78, $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.55 will take the parity down towards key supports at $14.40, $14.35, $14.22, $14.05, $13.90, $13.82, $13.68 and 13.51 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Later today FOMC will release interest rate decision.
We prefer to take long position on XAG/USD around $14.45, stop loss $14.37 and target of $14.82/$14.98.
