Silver spot news-key support at $16.42 mark, intraday bias remains bullish

Econo Times-XAG/USD is currently trading around $16.60 marks.

It made intraday high at $16.61 and low at $16.42 levels.

Intraday bias remains slightly bullish for the moment.

A daily close above $16.47 will test key resistances at $16.62/$16.75/$16.95/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.

On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.42/$16.28/$16.03 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to go long on XAG/USD around $16.58 with stop loss at $16.42 and target of $16.82.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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