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FxWirePro: Silver jumps above $17.70 mark, upside limited

  • XAG/USD is currently trading around $17.67 marks.
     
  • It made intraday high at $17.71 and low at $17.57 levels.
     
  • Intraday bias remains bearish till the time pair holds immediate resistance at $17.87 marks. 
     
  • A daily close above $17.87 will test key resistances at $17.99/$18.22/$18.56/$18.68/$18.88/$19.25 marks respectively.
     
  • Alternatively, a daily close below $17.52 will take the parity down towards key supports at $17.33/$17.26/$17.09/$16.92/$16.33/$15.93 marks respectively.

We prefer to go short on XAG/USD around $17.70 with stop loss at $17.87 and target of $17.52/$17.33/$17.26.

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