FxWirePro: Silver rises sharply after NFP job results, stay bullish only above $17.56
XAG/USD is currently trading around $17.52 marks. It made intraday high at $17.56 and low at $17.49 levels. Intraday bias remains neutral till the time pair holds key resistance at $17.56 mark. A daily close above $17.56…
It made intraday high at $17.56 and low at $17.49 levels.
Intraday bias remains neutral till the time pair holds key resistance at $17.56 mark.
A daily close above $17.56 will test key resistances at $17.63/$17.72/$17.98 marks respectively.
On the other side, a daily close below $17.56 will take the parity down towards key supports at $17.48/$17.40/$17.32/$17.11/$17.00/$16.88/$16.72/$16.40/$16.28/$16.14 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Last Friday, U.S. released NFP job data with negative numbers at 138K m/m vs 211K m/m previous release.
Later today, U.S. will release ISM non manufacturing PMI data. This will provide further direction to the parity.
We prefer to go long on XAG/USD only above $17.56 with stop loss at $17.40 and target of $17.72.
