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FxWirePro: XAG/USD back above $14.20 mark, U.S. retail sales data in focus

  • XAG/USD is currently trading around $14.25 marks.
     
  • It made intraday high at $14.26 and low at $14.13 levels.
     
  • Intraday bias remains neutral till the time pair moves in stiff boundaries from $13.98 to $14.28 marks.
     
  • A daily close above $14.23 will test key resistances at $14.47, $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
     
  • On the other side, a daily close below $14.12 will take the parity down towards key supports at $13.98, $13.85, $13.68 and 13.51 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.
     
  • Later today U.S. will release retail sales as well as core retail sales data at 1230 GMT.

We prefer to take long position on XAG/USD around $14.22, stop loss $14.10 and target of $14.49.

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