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FxWirePro: Silver trades in narrow range, downside limited

  • XAG/USD is currently trading around $17.90 marks.
     
  • It made intraday high at $17.92 and low at $17.85 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $17.65 mark.
     
  • A daily close above $17.86 will test key resistances at $17.98, $18.10 and $18.24 marks respectively.
     
  • On the other side, a daily close below $17.86 will take the parity down towards key supports at $17.72/$17.65/$17.54/$17.42/$17.35/$17.26/$17.18/$17.01 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to go long on XAG/USD around $17.88 with stop loss at $17.78 and target of $18.10/$18.52.

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