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FxWirePro: Silver enjoys roller coaster movement, consistent close above $14.98 requires for upside rally

  • XAG/USD is currently trading around $14.98 marks.
     
  • It made intraday high at $15.01 and low at $14.91 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at $14.87 mark.
     
  • A daily close above $14.98 will test key resistances at $15.09, $15.22, $15.32, $15.40, $15.57, $15.62 and $15.84 marks respectively.
     
  • On the other side, a daily close below $14.87 will take the parity down towards key supports at $14.68, $14.52 and $14.40 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on XAG/USD only above $15.02, stop loss at $14.87 and target of $15.09/$15.22.

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