FxWirePro: Silver Falls Sharply Below $16.40, Faces Strong Support at $16.31

FxWirePro: Silver Falls Sharply Below $16.40, Faces Strong Support at $16.31

23 May 2016, 08:58
Roberto Jacobs
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FxWirePro: Silver Falls Sharply Below $16.40, Faces Strong Support at $16.31

  • XAG/USD is currently trading around $16.38 marks. 
  • It made intraday high at $16.54 and low at $16.37 levels. 
  • Intraday bias remains slightly bearish till the time pair holds key resistance at $16.41 marks. 
  • A daily close below $16.31 will take the parity down towards key support at $16.15 marks.
  • Alternatively, reversal from key support $16.31 will take the parity higher towards key resistances at $16.55, $16.88 (20D, 30D and 55D EMA cross over), $16.95, $17.11, $17.46 (May 09, 2016 high) and $17.55 (May 11, high) levels respectively.


We prefer to take short position in XAG/USD below $16.40, stop loss $16.55 and target $16.31/ $16.15 marks.

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