FxWirePro: Go short on XAG/USD around $16.48 with stop loss at $16.62 and target of $16.10
XAG/USD is currently trading around $16.45 marks. It made intraday high at $16.51 and low at $16.41 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.52 mark. A daily close abo…
It made intraday high at $16.51 and low at $16.41 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.52 mark.
A daily close above $16.48 will test key resistances at $16.62, $16.80, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
On the other side, a daily close below $16.48 will take the parity down towards key supports at $16.37, $16.22, $16.10, $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.
We prefer to take short position in XAG/USD around $16.48, stop loss $16.62 and target of $16.10/$15.90.
