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- XAG/USD is currently trading around $15.89 marks.
- It made intraday high at $16.08 and low at $15.88 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.03 mark.
- A daily close above $16.03 will test key resistances at $16.08, $16.15, $16.40 and $16.62 marks respectively.
- On the other side, a daily close below $16.03 will take the parity down towards key supports at $15.80, $15.62, $15.47, $15.40, $15.32 and $15.22 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on XAG/USD around $15.92, stop loss $16.02 and target of $15.76/$15.62.
