FxWirePro: Silver Hits Fresh 3-Week High at $17.20, Stay Bullish

FxWirePro: Silver Hits Fresh 3-Week High at $17.20, Stay Bullish

9 June 2016, 08:36
Roberto Jacobs
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FxWirePro: Silver Hits Fresh 3-Week High at $17.20, Stay Bullish

  • XAG/USD is currently trading around $17.17 marks. 
  • It made intraday high at $17.20 and low at $16.98 levels. 
  • Intraday bias remains bullish till the time pair holds key support at $16.98 marks.  
  • A daily close below $16.98 will take the parity down towards key support at $16.88, $16.76, $16.63 and $16.32 marks respectively. 
  • Alternatively, current upward trend will take the parity higher towards key resistances at $17.25, $17.32 and $17.45 marks respectively. 
  • Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend.

We prefer to take long position in XAG/USD at $17.15, stop loss $16.98 and target $17.35/ $17.42 marks.

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