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FxWirePro: Silver trades flat at $17.80 mark, further sideways movement likely

  • XAG/USD is currently trading around $17.80 marks.
     
  • It made intraday high at $17.89 and low at $17.73 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above $17.82 will test key resistances at $17.97, $18.22, $18.32, $18.76, $19.07,  $19.27, $19.76, $19.98, and $20.10 marks respectively.
     
  • On the other side, a daily close below $17.42 will take the parity down towards key supports at $17.22, $17.07, $16.94 and $16.72 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 short position on XAG/USD only below $17.72, stop loss at $17.98 and target of $17.42.

By Aarti Panchal
  • Market Data
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