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- XAG/USD is currently trading around $16.90 marks.
- It made intraday high at $16.92 and low at $16.80 levels.
- Intraday bias remains slightly bullish for the moment.
- A daily close above $16.82 will test key resistances at $16.92, $17.08, $17.22, $17.40 and $17.52 marks respectively.
- On the other side, a daily close below $16.82 will take the parity down towards key supports at $16.68, $16.49, $16.38, $16.22, $15.90 and $15.68 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in XAG/USD around $16.87, stop loss $16.70 and target of $17.22.
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