FxWirePro: XAG/USD exhibits range bound movement, Fed chair Powell’s testifies in focus
XAG/USD is currently trading around $15.82 marks. It made intraday high at $15.84 and low at $15.72 levels. Intraday bias remains slightly neutral till the time pair holds key resistance at $15.85 mark. A daily close abo…
It made intraday high at $15.84 and low at $15.72 levels.
Intraday bias remains slightly neutral till the time pair holds key resistance at $15.85 mark.
A daily close above $15.77 will test key resistances at $15.85, $15.96, $16.08, $16.20, $16.40 anss $16.55 marks respectively.
On the other side, a daily close below $15.77 will take the parity down towards key supports at $15.65, $15.57, $15.47 and $15.32 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 take long position on XAG/USD only above $15.87, stop loss $15.65 and target of $16.20.
