- XAG/USD is currently trading around $17.10 marks.
- It made intraday high at $17.24 and low at $17.04 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.40 mark.
- A daily close above $17.20 will test key resistances at $17.40/$17.47/$17.63/$17.72/$17.98/$18.22/$18.32/$18.42/$18.54/$18.63/$18.72 marks respectively.
- On the other side, a daily close below $17.20 will take the parity down towards key supports at $17.01/$16.84/$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 $17.12 with stop loss at $17.40 and target of $16.84.
