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FxWirePro: Silver falls in early hours of Asia, downside limited

  • XAG/USD is currently trading around $17.04 marks.
     
  • It made intraday high at $17.19 and low at $17.04 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at $17.18 mark.
     
  • A daily close above $17.16 will test key resistances at $17.22, $17.40 and $17.52 marks respectively.
     
  • On the other side, a daily close below $17.16 will take the parity down towards key supports at $17.10, $16.98, $16.87, $16.70, $16.55, $16.48, $16.36, $16.28, $16.15 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 long position in XAG/USD around $16.98, stop loss $16.92 and target of $17.22/$17.40 mark.

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