FxWirePro: Silver slips below $19.00 mark, good to sell on rallies

12 September 2016, 08:16
Eko Rediantoro

  • XAG/USD is currently trading around $18.92 marks.
  • It made intraday high at $19.12 and low at $18.76 levels.
  • Intraday bias remains bearish till the time pair holds key resistance at $19.27 levels.
  • A daily close below $18.76 will take the parity down towards key supports at $18.68, $18.44, $18.17, $17.69, $17.50 and $17.08 marks respectively.
  • On the other side, a daily close above $19.27 will test key resistances at $19.64/$19.91/$20.10/$20.22/$20.32/$20.46/$20.67/$20.78/$21.09 and $21.46 marks respectively.
  • Important to note here that in a daily chart 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.

We prefer to go short on XAG/USD around $18.98 with stop loss at $19.27 and target of $18.76/$18.68/$18.44.

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