FxWirePro: Silver Faces Strong Support at $16.88, a Sustain Break Below Targets $15.62
1 June 2016, 09:18
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FxWirePro: Silver Faces Strong Support at $16.88, a Sustain Break Below Targets $15.62
- XAG/USD is currently trading around $15.98 marks.
- It made intraday high at $16.05 and low at $15.94 levels.
- Intraday bias remains bullish till the time pair holds key support at $15.88 marks.
- A daily close below $15.88 will take the parity down towards key support at $15.62(20D EMA) marks.
- Alternatively, reversal from key support $15.88 will take the parity higher towards key resistances at $16.04, $16.11, $16.25 and $16.45 marks respectively.
- Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend.
We prefer to take long position in XAG/USD only above $16.04, stop loss $15.88 and target $16.32 marks.
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