FxWirePro: Silver trades marginally higher against U.S. dollar, further sideways movement likely
XAG/USD is currently trading around $16.31 marks. It made intraday high at $16.41 and low at $16.15 levels. Intraday bias remains bullish till the time pair holds key support at $16.20 mark. A daily close above $16.31 wi…
It made intraday high at $16.41 and low at $16.15 levels.
Intraday bias remains bullish till the time pair holds key support at $16.20 mark.
A daily close above $16.31 will test key resistances at $16.45, $16.57, $16.80 and $16.97 marks respectively.
On the other side, a daily close below $16.20 will take the parity down towards key supports at $16.02, $15.90, $15.70, $15.47 and $15.40 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 short position on XAG/USD around $16.35, stop loss at $16.42 and target of $16.02.
