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FxWirePro: Silver moves in stiff boundaries, good to sell on rallies

  • XAG/USD is currently trading around $18.00 marks.
     
  • It made intraday high at $18.15 and low at $17.95 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance $18.11 mark.
     
  • A daily close above $18.11 will test key resistances at $18.20, $18.32, $18.40, $18.87, $18.98, $19.08 and $19.24 marks respectively.
     
  • On the other side, a daily close below $17.94 will take the parity down towards key supports at $17.76, $17.62, $17.40 and $17.17 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position on XAG/USD around $18.02, stop loss at $18.17 and target of $17.94/$17.76.

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