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FxWirePro: Silver erases previous losses and remains well supported above $17, good to buy on dips

Wednesday, May 11, 2016 5:28 AM UTC

XAG/USD is currently trading around $17.19 marks.
It made intraday high at $17.22 and low at $17.06 levels.
Intraday bias remains bullish till the time pair holds immediate support level at $16.88 marks.
On the top side, key resistance is seen at $17.22. A sustained close above will take the parity up towards $17.32/$17.37/ $17.44/ $17.67 levels respectively.
Alternatively, a daily close below $17.11 will drag the parity down around $16.97/$16.88 /$16.85 levels respectively.

We prefer to take long position in XAG/USD around $17.15, stop loss $17.06 and target $17.22/ $17.32 marks.

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FxWirePro: Silver erases previous losses and remains well supported above $17, good to buy on dips

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