FxWirePro: Silver trades marginally higher in early Asia, further sideways movement likely
XAG/USD is currently trading around $14.47 marks. It made intraday high at $14.48 and low at $14.42 levels. Intraday bias remains neutral till the time pair moves in stiff boundaries from $14.42 to $14.52 mark. A daily c…
It made intraday high at $14.48 and low at $14.42 levels.
Intraday bias remains neutral till the time pair moves in stiff boundaries from $14.42 to $14.52 mark.
A daily close above $14.43 will test key resistances at $14.57, $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 $14.43 will take the parity down towards key supports at $14.22, $14.07, $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.
We prefer to take short position on XAG/USD around $14.50, stop loss $14.62 and target of $14.22/$14.07/$13.98.
