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- XAG/USD is currently trading around $12.40 marks.
- It made intraday high at $12.90 and low at $12.23 levels.
- Intraday bias remains bearish for the moment.
- A daily close above $12.62 will test key resistances at $13.24, $14.72, $15.22, $15.86, $16.35, $16.62, $16.87, $17.02 and $17.27 marks respectively.
- On the other side, a daily close below $12.62 will take the parity down towards key supports at $12.06, $11.80, $11.47, $10.35 and $8.45 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on XAG/USD around $12.42, stop loss at $12.92 and target of $11.80/$11.47/$10.35.
