FxWirePro: Silver fails to break key resistance at $17.72 mark, U.S. ISM non – manufacturing PMI data in focus
XAG/USD is currently trading around $17.55 marks. It made intraday high at $17.72 and low at $17.50 levels. Intraday bias remains bullish till the time pair holds key support at $17.47 mark. A daily close above $17.54 wi…
It made intraday high at $17.72 and low at $17.50 levels.
Intraday bias remains bullish till the time pair holds key support at $17.47 mark.
A daily close above $17.54 will test key resistances at $17.72, $17.87, $18.02, $18.17, $18.45, $18.76, $19.07 and $19.27 marks respectively.
On the other side, a daily close below $17.54 will take the parity down towards key supports at $17.17, $16.87, $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.
Later today U.S. will release ISM non – manufacturing PMI as well as factory orders data.
We prefer to take short position on XAG/USD only below $17.47, stop loss at $17.72 and target of $17.32/$17.17.
