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FxWirePro: Silver enjoys roller coaster movement, hovers around $17.00 mark

  • XAG/USD is currently trading around $16.99 marks.
     
  • It made intraday high at $17.02 and low at $16.94 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above $16.96 will test key resistances at $17.02, $17.22, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
     
  • On the other side, a daily close below $16.96 will take the parity down towards key supports at $16.87, $16.72, $16.58, $16.40, $16.21 and $16.10 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in XAG/USD around $17.00, stop loss $17.05 and target of $16.72.

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