FxWirePro: XAG/USD hovers around key resistance at $14.62 mark, sustained close above requires for upside rally
XAG/USD is currently trading around $14.59 marks. It made intraday high at $14.60 and low at $14.53 levels. Intraday bias remains neutral till the time pair holds key resistance at $14.62 mark. A daily close above $14.57…
It made intraday high at $14.60 and low at $14.53 levels.
Intraday bias remains neutral till the time pair holds key resistance at $14.62 mark.
A daily close above $14.57 will test key resistances at $14.68, $14.85, $14.97, $15.09, $15.22, $15.32 and $15.40 marks respectively.
On the other side, a daily close below $14.39 will take the parity down towards key supports at $14.28, $14.22, $14.12 and $13.98 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 take long position on XAG/USD only above $14.62, stop loss at $14.50 and target of $14.85.
