- XAG/USD is currently trading around $15.92 marks.
- It made intraday high at $16.20 and low at $15.88 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.11 marks.
- A daily close below $15.95 will take the parity down towards key support at $15.72 marks.
- Alternatively, reversal from key support will take the parity higher towards key resistances at $16.05, $16.11, $16.25 and $16.45 marks respectively.
- Important to note here that in an hour chart, 20D, 30D and 55D EMA heads down and confirms bearish trend.
- Market movement will be range bound as US market will be closed in observance of Memorial Day.
We prefer to take short position in XAG/USD around $15.95, stop loss $16.11 and target $15.76 marks.
