- XAG/USD is currently trading around $16.78 marks.
- It made intraday high at $16.79 and low at $16.69 levels.
- Intraday bias remains slightly bullish for the moment.
- A daily close above $16.72 will test key resistances at $16.95/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
- On the other side, a daily close below $16.72 will take the parity down towards key supports at $16.64/$16.52/$16.41/$16.28/$16.03 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.
We prefer to go long on XAG/USD around $16.75 with stop loss at $16.62 and target of $17.02.
