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FxWirePro: Silver enjoys roller coaster movement, bias remains neutral

  • XAG/USD is currently trading around $16.52 marks.
     
  • It made intraday high at $16.53 and low at $16.43 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at $16.42 mark.
     
  • A daily close above $16.47 will test key resistances at $16.62, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
     
  • On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.37, $16.22, $16.10, $15.90 and $15.68 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 in XAG/USD  around $16.50, stop loss $16.40 and target of $16.82/$16.96.

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