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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 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.

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