- XAG/USD is currently trading around $16.82 marks.
- It made intraday high at $16.86 and low at $16.79 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.24 mark.
- A daily close above $16.81 will test key resistances at $16.98/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98/$18.22 marks respectively.
- On the other side, a daily close below $16.81 will take the parity down towards key supports at $16.62/$16.43/$16.26/$16.05 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- The key event for the day is ADP job data as well as FOMC statements.
We prefer to go short on XAG/USD around $16.85 with stop loss at $17.24 and target of $16.43/$16.26.
