- XAG/USD is currently trading around $16.68 marks.
- It made intraday high at $16.90 and low at $16.60 levels.
- Intraday bias remains bearish for the moment.
- A daily close below $16.60 will take the parity down towards key support at $16.15 marks.
- Alternatively, a current rebound from $16.60 will take the parity higher towards key resistances at $16.88 (20D, 30D and 55D EMA cross over), $16.95, $17.11, $17.46 (May 09, 2016 high) and $17.55 (May 11, high) levels respectively.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
