FxWirePro: Silver remains well supported above $17.42 mark, Fed chair Yellen testifies in focus
XAG/USD is currently trading around $17.45 marks. It made intraday high at $17.56 and low at $17.42 levels. Intraday bias remains neutral till the time pair holds initial support at $17.42 marks. A sustained close above …
It made intraday high at $17.56 and low at $17.42 levels.
Intraday bias remains neutral till the time pair holds initial support at $17.42 marks.
A sustained close above $17.48 tests key resistances at $17.62, $17.76 and $17.99 marks respectively.
On the other side, a daily close below $17.24 will take the parity down towards key supports at $17.11, $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 testifies 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 around $17.35, stop loss at $17.11 and target $17.62/ $17.99 marks.
