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FxWirePro: Silver hits fresh 5-month  high at $16.10 mark, stay long

  • XAG/USD is currently trading around $16.06 marks.
     
  • It made intraday high at $16.10 and low at $15.90 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $15.90 mark.
     
  • A daily close above $15.93 will test key resistances at $16.10, $16.24, $16.32 and $16.48 marks respectively.
     
  • On the other side, a daily close below $15.90 will take the parity down towards key supports at $15.70, $15.47, $15.40, $15.22, $15.17, $15.07 and $14.87 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on XAG/USD around $16.05, stop loss at $15.90 and target of $15.24/$16.32.

By Aarti Panchal
  • Market Data
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