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FxWirePro: Silver rejects key resistance at $17.28 mark, good to sell on rallies

Wednesday, May 24, 2017 3:05 AM UTC

XAG/USD is currently trading around $16.97 marks.
It made intraday high at $17.09 and low at $16.95 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.28 mark.
A daily close above $17.04 will test key resistances at $17.12/$17.28/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
On the other side, a daily close below $17.04 will take the parity down towards key supports at $16.82/$16.58/$16.40/$16.28/$16.14/$16.04/$15.80/$15.66 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 go short on XAG/USD around $17.00 with stop loss at $17.28 and target of $16.58.

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FxWirePro: Silver rejects key resistance at $17.28 mark, good to sell on rallies

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