FxWirePro: Silver trades in narrow range, faces immediate resistance at $17.18 mark

• XAG/USD is currently trading around $17.15 marks.
   
• It made intraday high at $17.23 and low at $17.12 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $17.23 mark.
   
• A daily close above $17.23 will test key resistances at $17.33, $17.40, $17.52 and $17.68 marks respectively.
   
• On the other side, a daily close below $17.23 will take the parity down towards key supports at $17.08, $16.82, $16.57, $16.40, $16.28 and $16.16 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 long position in XAG/USD only above $17.18, stop loss $17.05 and target of $17.40/$17.52.

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