Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Silver falls sharply against U.S. dollar, good to sell on rallies

  • XAG/USD is currently trading around $17.08 marks.
     
  • It made intraday high at $17.23 and low at $17.06 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $17.20 mark.
     
  • A daily close above $17.20 will test key resistances at $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
     
  • On the other side, a daily close below $17.20 will take the parity down towards key supports at $16.98, $16.91, $16.70, $16.52, $16.40, $16.21 and $16.10 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in XAG/USD around $17.11, stop loss $17.25 and target of $16.90/$16.70.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.