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- XAG/USD is currently trading around $16.93 marks.
- It made intraday high at $17.05 and low at $16.88 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.22 mark.
- A daily close above $17.01 will test key resistances at $17.22/$17.36/$17.52 marks respectively.
- On the other side, a daily close below $17.01 will take the parity down towards key supports at $16.88/$16.75/$16.55/$16.42/$16.28/$16.10 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 $16.98 with stop loss at $17.22 and target of $16.88/$16.75/$16.55.
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