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FxWirePro: XAG/USD moves in stiff boundaries ahead of U.S. NFP job data, bias remains neutral

  • XAG/USD is currently trading around $14.54 marks.
     
  • It made intraday high at $14.58 and low at $14.49 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above $14.65 will test key resistances at $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
     
  • On the other side, a daily close below $14.57 will take the parity down towards key supports at $14.42, $14.22, $14.07, $13.90, $13.82, $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.
     
  • U.S. will release NFP job data at 1230 GMT.

We prefer to take short position on XAG/USD only below $14.48, stop loss $14.62 and target of $14.35/$14.22.

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