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FxWirePro: Silver remains well supported above $17.00 mark, stay bullish

  • XAG/USD is currently trading around $17.08 marks.
     
  • It made intraday high at $17.08 and low at $16.91 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $16.70 mark.
     
  • A daily close above $16.94 will test key resistances at $17.08, $17.23, $17.30, $17.42, $17.49, $16.67, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
     
  • On the other side, a daily close below $16.94 will take the parity down towards key supports at $16.70, $16.52, $16.40, $16.21 and $16.10 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 in XAG/USD around $17.04, stop loss $16.88 and target of $17.30/$17.42.

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