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FxWirePro: Silver breaks key resistance at $17.02 mark, stay long

  • XAG/USD is currently trading around $17.05 marks.
     
  • It made intraday high at $17.08 and low at $16.87 levels.
     
  • Intraday bias remains bullish for the moment.
     
  • A daily close above $16.95 will test key resistances at $17.08, $17.22, $17.40, $17.68, $17.87 and $18.02 marks respectively.
     
  • On the other side, a daily close below $16.74 will take the parity down towards key supports at $16.64, $16.57, $16.40, $16.17 and $16.02 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on XAG/USD around $17.00, stop loss at $16.86 and target of $17.22/$17.40.

By Aarti Panchal
  • Market Data
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