FxWirePro: Silver trades in a narrow range, remains supported above $17.50
XAG/USD is currently trading around $17.65 marks. It made intraday high at $17.74 and low at $17.56 levels. Intraday bias remains bearish till the time pair holds initial resistance at $17.88 marks. A sustained close abo…
It made intraday high at $17.74 and low at $17.56 levels.
Intraday bias remains bearish till the time pair holds initial resistance at $17.88 marks.
A sustained close above $17.89 tests key resistances at $17.99, $18.17 and $18.29 marks respectively.
On the other side, a daily close below $17.60 will take the parity down towards key supports at $17.45, $17.32, $17.11, $17.02, 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. Current downside movement is short term trend correction only.
Later today, U.S. will release final GDP data as well as CB consumer confidence data. This will provide further directions to the parity.
We prefer to take short position in XAG/USD only below $17.65, stop loss at $17.78 and target $17.45/ $17.37 marks.
