- XAG/USD is currently trading around $15.74 levels.
- It made intraday high at $15.89 and low at $15.71 levels.
- Intraday bias remains bearish for the moment.
- Silver fails to sustain above $16.00 and turns the bias downside again.
- A daily close below $15.70 will tests key supports at $15.56, $15.36 and $15.22 marks respectively.
- Alternatively, reversal from $15.68 will turn the bias slightly bullish and tests key resistances at $15.82/ $15.98 and $16.01 marks.
- In contrast, 20D, 30D and 55D EMA heads up, which confirms bullish trend.
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.
