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FxWirePro: Silver moves in stiff boundaries ahead of U.S. NFP job data, stay long only above $17.02 mark

  • XAG/USD is currently trading around $16.89 marks.
     
  • It made intraday high at $16.95 and low at $16.84 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at $17.02 mark.
     
  • A daily close above $16.94 will test key resistances at $17.02, $17.18, $17.32, $17.40, $17.68, $17.87 and $18.02 marks respectively.
     
  • On the other side, a daily close below $16.83 will take the parity down towards key supports at $16.74, $16.57, $16.40, $16.17 and $16.02 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 long position on XAG/USD only above $17.02, stop loss at $16.78 and target of $17.18/$17.32.

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