FxWirePro: Silver trades in stiff boundaries, Fed chair Powell’s testify in focus

• XAG/USD is currently trading around $15.86 marks.
   
• It made intraday high at $15.92 and low at $15.84 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $15.99 mark.
   
• A daily close above $15.87 will test key resistances at $16.02, $16.08, $16.15, $16.40 and $16.62 marks respectively.
   
• On the other side, a daily close below $15.87 will take the parity down towards key supports at $15.78, $15.72, $15.58, $15.47, $15.40 and $15.32 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 on XAG/USD only above $15.92, stop loss $15.80 and target of $16.02/$16.15.