- XAG/USD is currently trading around $16.74 marks.
- It made intraday high at $16.83 and low at $16.71 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.01 mark.
- A daily close above $16.82 will test key resistances at $16.87, $17.01, $17.22, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
- On the other side, a daily close below $16.82 will take the parity down towards key supports at $16.72, $16.58, $16.40, $16.21 and $16.10 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 $16.75, stop loss $16.90 and target of $16.58/$16.40.
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