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FxWirePro: Silver trades flat at $15.22 mark, sustained close above $15.27 requires for upside rally

  • XAG/USD is currently trading around $15.21 marks.
     
  • It made intraday high at $15.28 and low at $15.20 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at $15.27 mark.
     
  • A daily close above $15.27 will test key resistances at $15.32, $15.49, $15.57 and $15.68 marks respectively.
     
  • On the other side, a daily close below $15.24 will take the parity down towards key supports at $15.17, $15.02 and $14.87 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Late today U.S. will release final GDP data. That will provide further directions to the parity.

We prefer to take short position on XAG/USD around $15.22, stop loss at $15.30 and target of $15.02.

By Aarti Panchal
  • Market Data
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