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FxWirePro: Silver faces strong resistance at $17.42, a sustain break above targets $17.80 mark

  • XAG/USD is currently trading around $17.29 marks.
     
  • It made intraday high at $17.42 and low at $17.25 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $17.08 marks. 
     
  • A daily close below $17.08 will take the parity down towards key supports at $16.95, $16.88, $16.76, $16.63 and $16.32 marks respectively.
     
  • On the other side, a sustained close above $17.42 tests key resistances at $17.49, $17.52 and $17.80 marks respectively.
     
  • Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend. Current downside movement is short term trend correction only.

We prefer to take long position in XAG/USD around $17.30, stop loss $17.25 and target $17.42/ $17.80 marks.

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