FxWirePro: Silver Refrains to Sustain Below Key Support at $16.88, Good to Buy on Dips
- XAG/USD is currently trading around $17.02 marks.
- It made intraday high at $17.07 and low at $16.86 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.88 marks.
- On the top side, key resistance is seen at $17.11. A sustained close above will take the parity up towards $17.22 (20D EMA)/ $17.32/ $17.46 (May 09, 2016 high) / $17.55 (May 11, high) levels respectively.
- Alternatively, a daily close below $17.00 will drag the parity down around $16.97/$16.88 (20D, 30D and 55D EMA cross over) /$16.85 levels respectively.
We prefer to take long position in XAG/USD around $17.02, stop loss $16.88 and target $17.22/ $17.32 marks.