- XAG/USD is currently trading around $18.73 marks.
- It made intraday high at $18.94 and low at $18.73 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $19.05 levels.
- A daily close below $18.68 will take the parity down towards key supports at $18.44, $18.17, $17.69, $17.50 and $17.08 marks respectively.
- On the other side, a daily close above $19.05 will test key resistances at $19.27/$19.46/$19.88/$20.05/$20.22/$20.32/$20.46/$20.67/$20.78/$21.09 and $21.46 marks respectively.
- Important to note here that in a daily chart 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.
We prefer to go short on XAG/USD around $18.76 with stop loss at $19.05 and target of $18.48/$18.17/$17.69.