FxWirePro: Prefer to go short on XAG/USD around $17.35, stop loss at $17.48 and target of $17.12
XAG/USD is currently trading around $17.32 marks. It made intraday high at $17.46 and low at $17.31 levels. Intraday bias remains bearish till the time pair holds key resistance at $17.48 mark. A daily close above $17.40…
It made intraday high at $17.46 and low at $17.31 levels.
Intraday bias remains bearish till the time pair holds key resistance at $17.48 mark.
A daily close above $17.40 will test key resistances at $17.52, $17.67, $17.76, $17.90 and $18.19 marks respectively.
On the other side, a daily close below $17.40 will take the parity down towards key supports at $17.32, $17.12, $17.08, $16.92 and $16.70 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 $17.35, stop loss $16.48 and target of $17.12 mark.
