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- XAG/USD is currently trading around $16.54 marks.
- It made intraday high at $16.60 and low at $16.49 levels.
- Intraday bias remains neutral till the time pair holds key support at $16.48 mark.
- A daily close above $16.54 will test key resistances at $16.72, $16.96, $17.23, $17.33, $17.40, $17.52 and $17.68 marks respectively.
- On the other side, a daily close below $16.54 will take the parity down towards key supports at $16.48, $16.37, $16.28 and $16.16 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 in XAG/USD around $16.56, stop loss $16.62 and target of $16.48/$16.37.
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