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FxWirePro: Silver enjoys roller coaster movement, sustained close below $16.74 requires for downside rally

  • XAG/USD is currently trading around $16.83 marks.
     
  • It made intraday high at $16.92 and low at $16.82 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at $16.74 mark.
     
  • A daily close above $17.15 will test key resistances at $17.32, $17.40, $17.68, $17.87 and $18.02 marks respectively.
     
  • On the other side, a daily close below $16.83 will take the parity down towards key supports at $16.74, $16.57, $16.40, $16.17 and $16.02 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 take short position on XAG/USD around $16.85, stop loss at $16.94 and target of $16.74/$16.57.

By Aarti Panchal
  • Market Data
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