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FxWirePro: Silver remains well supported below $15.70 mark, good to sell on rallies

  • XAG/USD is currently trading around $15.58 marks.
     
  • It made intraday high at $15.66 and low at $15.52 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $15.72 mark.
     
  • A daily close above $15.55 will test key resistances at $15.72, $15.84, $15.92, $16.07 and $16.15 marks respectively.
     
  • On the other side, a daily close below $15.55 will take the parity down towards key supports at $15.48,  $15.40, $15.32 and $15.22 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 $15.60, stop loss $15.68 and target of $15.40.

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May 24 05:00 UTC Released

SGManufacturing Output YY

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-2.6 -2.3

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January 31 00:00 UTC 688636688636m

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