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FxWirePro: Silver stabilizes above $14.80 mark, further sideways movement likely

  • XAG/USD is currently trading around $14.85 marks.
     
  • It made intraday high at $14.90 and low at $14.79 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at $14.80 mark.
     
  • A daily close above $14.88 will test key resistances at $15.02, $15.08, $15.22 and $15.40 marks respectively.
     
  • On the other side, a daily close below $14.80 will take the parity down towards key supports at $14.72, $14.62, $14.55, 14.40, $14.27, $14.22, $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 $14.85, stop loss at $14.92 and target of $14.55.

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