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- XAG/USD is currently trading around $17.17 marks.
- It made intraday high at $17.27 and low at $17.15 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.52 mark.
- A daily close above $17.21 will test key resistances at $17.35/$17.52/$17.62/$17.76/$17.96/$18.01/$18.22/$18.48/$18.88 marks respectively.
- On the other side, a daily close below $17.21will take the parity down towards key supports at $17.10/$17.01/$16.88/$16.68 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 $17.20 with stop loss at $17.52 and target of $17.01/$16.88.
