FxWirePro: Silver trades in narrow range, U.S. retail sales data in focus

• XAG/USD is currently trading around $16.57 marks.
   
• It made intraday high at $16.63 and low at $16.53 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.67 mark.
   
• A daily close above $16.56 will test key resistances at $16.68, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.56 will take the parity down towards key supports at $16.40, $16.32, $16.18, $16.08, $15.90 and $15.68 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Later today U.S. will release retail sales as well as PPI data at 1230 GMT.

We prefer to take long position in XAG/USD  only above $16.67, stop loss $16.50 and target of $16.82.

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