FxWirePro: Silver moves in rigid boundaries, U.S. housing data in focus

• XAG/USD is currently trading around $17.05 marks.
   
• It made intraday high at $17.07 and low at $16.98 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.87 mark.
   
• A daily close above $17.02 will test key resistances at $17.07, $17.18, $17.32, $17.40, $17.68, $17.87 and $18.02 marks respectively.
   
• On the other side, a daily close below $16.90 will take the parity down towards key supports at $16.74, $16.57, $16.40, $16.17 and $16.02 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position on XAG/USD around $17.02, stop loss at $16.95 and target of $17.18.