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FxWirePro: Silver remains volatile during European hours, faces immediate support at $14.17 mark

  • XAG/USD is currently trading around $14.21 marks.
     
  • It made intraday high at $14.26 and low at $14.17 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at $14.17 mark.
     
  • A daily close above $14.21 will test key resistances at $14.42, $14.57, $14.72, $14.78, $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
     
  • On the other side, a daily close below $14.21 will take the parity down towards key supports at $14.17, $14.07, $13.90, $13.82, $13.68 and 13.51 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 only below $14.17, stop loss $14.28 and target of $13.90.
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