• FxWirePro: Silver hits fresh 2 – week low at $17.48 Mark, sustained close below requires for downside rally

    Source: FxWire Pro - Technicals / 06 Nov 2019 05:03:06   America/New_York

    • XAG/USD is currently trading around $17.54 marks.
       
    • It made intraday high at $17.62 and low at $17.48 levels.
       
    • Intraday bias remains neutral till the time pair holds key support at $17.48 mark.
       
    • A daily close above $17.55 will test key resistances at $17.87, $18.02, $18.22, $18.27, $18.45, $18.76, $19.07 and $19.27 marks respectively.
       
    • On the other side, a daily close below $17.55 will take the parity down towards key supports at $17.40, $17.17, $16.97, $16.72, $16.40 and $16.17 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

    We prefer to take short position on XAG/USD only below $17.48, stop loss at $17.70 and target of $17.40/$17.17.

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