FxWirePro: XAG/USD exhibits range bound movement, down side limited
XAG/USD is currently trading around $17.34 marks. It made intraday high at $17.41 and low at $17.25 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $17.40 mark. A daily close abo…
It made intraday high at $17.41 and low at $17.25 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $17.40 mark.
A daily close above $17.40 will test key resistances at $17.57, $17.68, $17.82 and $17.90 marks respectively.
On the other side, a daily close below $17.40 will take the parity down towards key supports at $17.26/$17.18/$17.01/$16.87/$16.75/$16.55/$16.42/$16.28/$16.10 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go long on XAG/USD around $17.28 with stop loss at $17.11 and target of $17.42/$17.64/$17.76.
