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FxWirePro: Silver hits fresh 5-month low at $14.49 mark, good to sell on rallies

  • XAG/USD is currently trading around $14.50 marks.
     
  • It made intraday high at $14.54 and low at $14.49 levels.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close above $14.52 will test key resistances at $14.72, $14.85, $14.97, $15.09, $15.22, $15.32 and $15.40 marks respectively.
     
  • On the other side, a daily close below $14.52 will take the parity down towards key supports at $14.40, $14.28, $14.12 and $13.98 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 $14.52, stop loss at $14.63 and target of $14.40/$14.28.

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