FxWirePro: Silver fails to break major resistance at $17.11 mark, bias remains neutral below $17.28
XAG/USD is currently trading around $17.24 marks. It made intraday high at $17.28 and low at $17.20 levels. Intraday bias remains neutral till the time pair holds initial resistance at $17.28 marks. A sustained close abo…
It made intraday high at $17.28 and low at $17.20 levels.
Intraday bias remains neutral till the time pair holds initial resistance at $17.28 marks.
A sustained close above $17.32 tests key resistances at $17.45, $17.62, $17.84 and $17.99 marks respectively.
On the other side, a daily close below $17.11 will take the parity down towards key supports at $17.06, 16.95 and $16.88 marks respectively.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms the bullish trend.
During the U.S. session, Fed chair Yellen testimony’s second round will be in focus. Markets scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy.
We prefer to take long position in XAG/USD only above $17.32, stop loss at $17.11 and target $17.62/ $17.99 marks.
