FxWirePro: Silver trades in narrow range, upside limited
XAG/USD is currently trading around $17.60 marks. It made intraday high at $17.63 and low at $17.55 levels. Intraday bias remains bearish till the time pair holds key resistance at $17.72 mark. A daily close above $17.56…
It made intraday high at $17.63 and low at $17.55 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.72 mark.
A daily close above $17.56 will test key resistances at $17.72/$17.98/$18.22/$18.32/$18.42/$18.54/$18.63/$18.72 marks respectively.
On the other side, a daily close below $17.56 will take the parity down towards key supports at $17.42/$17.22/$17.09/$16.87 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 go short on XAG/USD around $17.62 with stop loss at $17.72 and target of $17.42/$17.09.
