FxWirePro: Silver Fails to Sustain Above $16.51, Faces Strong Support at $16.32
- XAG/USD is currently trading around $16.33 marks.
- It made intraday high at $16.46 and low at $16.31 levels.
- Intraday bias remains bearish till the time pair holds key support at $16.32 marks.
- A daily close below $16.32 will take the parity down towards key support at $16.11, $15.95, $15.88 and $15.62(20D EMA) marks respectively.
- Alternatively, a sustained break above $16.51 will take the parity higher towards key resistances at $16.63 and $16.90 marks respectively.
- Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD only below $16.31, stop loss $16.51 and target $16.11/ $15.95 marks.