- XAG/USD is currently trading around $16.70 marks.
- It made intraday high at $16.72 and low at $16.62 levels.
- Intraday bias remains neutral till the time pair holds key support at $16.62 mark.
- A daily close above $16.62 will test key resistances at $16.72/$16.80/$16.92/$17.02/$17.22/$17.49 marks respectively.
- On the other side, a daily close below $16.62 will take the parity down towards key supports at $16.42/$16.22/$16.12/$15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to go short on XAG/USD around $16.78 with stop loss at $16.92 and target of $16.42/$16.28.
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