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FxWirePro: Silver trades marginally higher against U.S. dollar, further sideways movement likely

  • XAG/USD is currently trading around $16.31 marks.
     
  • It made intraday high at $16.41 and low at $16.15 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $16.20 mark.
     
  • A daily close above $16.31 will test key resistances at $16.45, $16.57, $16.80 and $16.97 marks respectively.
     
  • On the other side, a daily close below $16.20 will take the parity down towards key supports at $16.02, $15.90, $15.70, $15.47 and $15.40 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 short position on XAG/USD around $16.35, stop loss at $16.42 and target of $16.02.

By Aarti Panchal
  • Market Data
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