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FxWirePro: Silver slips below $16.80 mark, downside limited

  • XAG/USD is currently trading around $16.80 marks.
     
  • It made intraday high at $16.99 and low at $16.79 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
     
  • A daily close above $17.06 will test key resistances at $17.22, $17.37, $17.48 and $17.78 marks respectively.
     
  • On the other side, a daily close below $16.87 will take the parity down towards key supports at $16.57, $16.07, $15.90, $15.70, $15.47 and $15.40 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 only below $16.78, top loss at $17.02 and target of $16.40.

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