FxWirePro: Silver trades flat in early hours of Asia, faces key resistance at $16.32 mark
XAG/USD is currently trading around $16.25 marks. It made intraday high at $16.26 and low at $16.21 levels. Intraday bias remains neutral for the moment. A daily close above $16.32 will test key resistances at $16.48/$16…
It made intraday high at $16.26 and low at $16.21 levels.
Intraday bias remains neutral for the moment.
A daily close above $16.32 will test key resistances at $16.48/$16.65/$16.72/$16.80/$16.92/$17.02/$17.22 marks respectively.
On the other side, a daily close below $16.10 will take the parity down towards key supports at $15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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.
We prefer to go short on XAG/USD around $16.26 with stop loss at $16.32 and target of $16.10/$15.92.
