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Silver rejects $16.00 mark, intraday bias remains slightly bearish

  • XAG/USD is currently trading around $15.7160 levels.
     
  • It made intraday high at $15.83 and low at $15.69 levels.

  • Intraday bias remains bearish for the moment.
     
  • Silver fails to sustain above 4- month high at $16.12 and trading around $16.72 levels.
     
  • A sustained close above key resistance will take the parity towards new high at $16.12, $16.20 and $16.52 marks thereafter.
     
  • In addition, 20D, 30D and 55D EMA heads up, which signals bullish trend.
     
  • Alternatively, a daily close below $15.72 will turn the bias slightly bearish and tests $15.56 marks.

  •  

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.

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