FxWirePro: XAG/USD back above $14.20 mark, U.S. retail sales data in focus
XAG/USD is currently trading around $14.25 marks. It made intraday high at $14.26 and low at $14.13 levels. Intraday bias remains neutral till the time pair moves in stiff boundaries from $13.98 to $14.28 marks. A daily …
It made intraday high at $14.26 and low at $14.13 levels.
Intraday bias remains neutral till the time pair moves in stiff boundaries from $13.98 to $14.28 marks.
A daily close above $14.23 will test key resistances at $14.47, $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.12 will take the parity down towards key supports at $13.98, $13.85, $13.68 and 13.51 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.
Later today U.S. will release retail sales as well as core retail sales data at 1230 GMT.
We prefer to take long position on XAG/USD around $14.22, stop loss $14.10 and target of $14.49.
