FxWirePro: Silver exhibits range bound movement, bias remains neutral

• XAG/USD is currently trading around $17.87 marks.
   
• It made intraday high at $17.96 and low at $17.74 levels.
   
• Intraday bias remains neutral till the time pair moves in stiff boundaries from $17.99 to $17.42 mark.
   
• A daily close above $17.99 will test key resistances at $18.22, $18.32, $18.76, $19.07, $19.27, $19.76, $19.98, and $20.10 marks respectively.
   
• On the other side, a daily close below $17.42 will take the parity down towards key supports at $17.26, $17.07, $16.94 and $16.72 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 around $17.90, stop loss at $18.02 and target of $17.57/$17.26.