FxWirePro: Silver exhibits range bound movement ahead of next week’s FOMC interest rate decision

• XAG/USD is currently trading around $18.94 marks.
   
• It made intraday high at $19.00 and low at $18.93 levels.
   
• Intraday bias remains neutral for the moment.  
   
• A daily close below $18.77 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.
   
• Markets shift focus to FOMC interest rate decision due on September 21, 2016.

We prefer to go short on XAG/USD around $19.00 with stop loss at $19.27 and target of $18.77/$18.44.