FxWirePro: Silver trades in narrow range, faces key resistance at $14.82 mark
XAG/USD is currently trading around $14.76 marks. It made intraday high at $14.80 and low at $14.70 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $14.82 marks. A daily close ab…
It made intraday high at $14.80 and low at $14.70 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $14.82 marks.
A daily close above $14.77 will test key resistances at $14.82, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.62 will take the parity down towards key supports at $14.57, $14.34, $14.12, 13.99 and 13.62 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Curent upside movement is short term trend correction only.
We prefer to take short position on XAG/USD around $14.78, stop loss $14.83 and target of $14.57.
