FxWirePro: Silver jumps above $19.00 mark, good to buy on dips

13 September 2016, 15:48
Eko Rediantoro

  • XAG/USD is currently trading around $19.20 marks.
  • It made intraday high at $19.26 and low at $18.95 levels.
  • Intraday bias remains bullish till the time pair holds key support at $18.88 levels.
  • A daily close below $18.88 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/$19.75/$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 long on XAG/USD around $19.18 with stop loss at $18.95 and target of $19.27/$19.75.

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