Silver breaks key support level at 14.91, likely to fall further

• XAG/USD is well supported below $15.00 levels and currently trading around $14.65 marks. 
   
• It made intraday high at $14.75 and low at $14.60 levels.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above $15.10 is required to turn the bias bullish again.
   
• A rebound from key support level $14.48 levels will take the parity back above $15.00 marks.
   
• Last Friday US released GDP data with positive numbers at 1.0% q/q vs 0.7% q/q previous release. This dragged the parity below 15.00 marks.
   
• Key support levels are seen at $14.53, $14.48 and $14.20 levels.
   
• On the top side, key resistance levels falls at $14.91, $15.10 and $15.20 thereafter.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.