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FxWirePro: Prefer to go short on XAG/USD around $17.38 with stop loss at $17.54 and target of $17.22

  • XAG/USD is currently trading around $17.34 marks.
     
  • It made intraday high at $17.44 and low at $17.30 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $17.54 mark.
     
  • A daily close above $17.40 will test key resistances at $17.54/$17.62/$17.76/$17.96/$18.01/$18.22/$18.48/$18.88 marks respectively.
     
  • On the other side, a daily close below $17.40 will take the parity down towards key supports at $17.30/$17.22/$17.09/$16.87/$16.65/$16.48/$16.36/$16.23/$15.85 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 go short on XAG/USD around $17.38 with stop loss at $17.54 and target of $17.22/$17.00.

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