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- XAG/USD is currently trading around $17.07 marks.
- It made intraday high at $17.19 and low at $17.05 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.48 mark.
- A daily close above $17.14 will test key resistances at $17.35, $17.52, $17.67, $17.76, $17.90 and $18.19 marks respectively.
- On the other side, a daily close below $17.14 will take the parity down towards key supports at $17.02, $16.92 and $16.72 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 long position in XAG/USD around $16.98, stop loss $16.87 and target of $17.12/$17.35 mark.
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