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FxWirePro: Silver remains well supported above $14.50 mark, further sideways movement likely

  • XAG/USD is currently trading around $14.60 marks.
     
  • It made intraday high at $14.64 and low at $14.52 levels.
     
  • Intraday bias remains neutral till the time pair holds immediate resistance at $14.65 mark.
     
  • A daily close above $14.55 will test key resistances at $14.70, $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
     
  • On the other side, a daily close below $14.55 will take the parity down towards key supports at $14.42, $14.22, $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 long position on XAG/USD only above $14.64, stop loss $14.52 and target of $14.82.

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