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.

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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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