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.