FxWirePro: Silver trades in narrow range, stay bullish only above $16.92 mark

• XAG/USD is currently trading around $16.88 marks.
   
• It made intraday high at $16.89 and low at $16.74 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at $16.78 mark.
   
• A daily close above $16.78 will test key resistances at $16.92, $17.08, $17.22, $17.40, $17.68, $17.87 and $18.02 marks respectively.
   
• On the other side, a daily close below $16.78 will take the parity down towards key supports at $16.57, $16.40, $16.17 and $16.02 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 take long position on XAG/USD only above $16.92, stop loss at $16.72 and target of $17.22.