FxWirePro: Silver trades marginally lower, good to sell on rallies
XAG/USD is currently trading around $16.68 marks. It made intraday high at $16.77 and low at $16.66 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.80 mark. A daily close abo…
It made intraday high at $16.77 and low at $16.66 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.80 mark.
A daily close above $16.72 will test key resistances at $16.85/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
On the other side, a daily close below $16.72 will take the parity down towards key supports at $16.50/$16.40/$16.22/$16.12/$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.
We prefer to go short on XAG/USD around $16.70 with stop loss at $16.80 and target of $16.50.
