FxWirePro: Silver moves directionless, further sideways movement likely

• XAG/USD is currently trading around $17.57 marks.
   
• It made intraday high at $17.59 and low at $17.48 levels.
   
• Intraday bias remains neutral till the time pair moves in stiff boundaries from $17.32 to $17.72 mark.
   
• A daily close above $17.72 will test key resistances at $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 $17.32 will take the parity down towards key supports at $17.17, $16.97, $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.

We prefer to take short position on XAG/USD only below $17.48, stop loss at $17.62 and target of $17.17/$16.97.