FxWirePro: Silver trades in narrow range, bias remains neutral
XAG/USD is currently trading around $17.31 marks. It made intraday high at $17.35 and low at $17.29 levels. Intraday bias remains neutral till the time pair holds key resistance at $17.42 mark. A daily close above $17.32…
It made intraday high at $17.35 and low at $17.29 levels.
Intraday bias remains neutral till the time pair holds key resistance at $17.42 mark.
A daily close above $17.32 will test key resistances at $17.40, $17.52, $17.76 and $17.90 marks respectively.
On the other side, a daily close below $17.32 will take the parity down towards key supports at $17.20, $17.08, $16.98, $16.87, $16.70 and $16.55 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD only below $17.28, stop loss $17.40 and target of $17.20/$17.11 mark.
