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FxWirePro: XAG/USD remains well supported above $17.00 mark, upside limited

Monday, January 23, 2017 8:22 AM UTC

XAG/USD is currently trading around $17.09 marks.
It made intraday high at $17.23 and low at $17.03 levels.
Intraday bias remains neutral for the moment.
A daily close above $17.05 will test key resistances at $17.26/$17.35/$17.48 marks respectively.
On the other side, a daily close below $17.05 will take the parity down towards key supports at $17.02/$16.92/$16.85/$16.57/$16.37/$16.20/$16.05 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go short on XAG/USD around $17.10 with stop loss at $17.23 and target of $16.85/$16.71.

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FxWirePro: XAG/USD remains well supported above $17.00 mark, upside limited

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