Silver hits fresh 6 week high at $17.85

June 16, 2016

XAG/USD is currently trading around $17.79 marks. It made intraday high at $17.84 and low at $17.49 levels. Intraday bias remains bullish till the time pair holds initial support at $17.32 marks.

A daily close below $17.32 will take the parity down towards key supports at $17.25, 17.11, $16.95 and $16.88 marks respectively. On the other side, a sustained close above $17.80 tests key resistances at $17.99, $18.18 and $18.46 marks respectively. Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend.

We prefer to take long position in XAG/USD only above $17.84 with stop loss at $17.68 and target of $17.99/18.18/ $18.45 levels.

Publication source
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