FxWirePro: XAG/USD breaks key resistance at $16.42 mark, stay bullish
XAG/USD is currently trading around $16.60 marks. It made intraday high at $16.64 and low at $16.42 levels. Intraday bias remains bullish for the moment. A daily close above $16.42 will test key resistances at $16.65/$16…
It made intraday high at $16.64 and low at $16.42 levels.
Intraday bias remains bullish for the moment.
A daily close above $16.42 will test key resistances at $16.65/$16.72/$16.80/$16.92/$17.02/$17.22 marks respectively.
On the other side, a daily close below $16.42 will take the parity down towards key supports at $16.28/$16.10/$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 long on XAG/USD around $16.57 with stop loss at $16.42 and target of $16.92.
