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FxWirePro: Silver falls gradually in European hours, faces key support at $15.40 mark

  • XAG/USD is currently trading around $15.51 marks.
     
  • It made intraday high at $15.59 and low at $15.50 levels.
     
  • Intraday bias remains neutral till the time pair moves in stiff boundaries from $15.70 to $15.40 mark.
     
  • A daily close above $15.72 will test key resistances at $15.87, $15.96, $16.04, $16.20 and $16.32 marks respectively.
     
  • On the other side, a daily close below $15.54 will take the parity down towards key supports at $15.47, $15.40, $15.30, $15.22 and $15.02 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 $15.52, stop loss $15.62 and target of $15.40/$15.22.

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