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FxWirePro: Silver remains well supported above $16.72 mark; U.S. CPI, Fed Chair Powell’s testimony in focus

  • XAG/USD is currently trading around $16.87 marks.
     
  • It made intraday high at $16.96 and low at $16.72 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above $16.83 will test key resistances at $16.92, $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 $16.87, stop loss at $16.70 and target of $16.95/$17.08.

By Aarti Panchal
  • Market Data
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