FxWirePro: XAG/USD exhibits range bound movement, good to buy on dips
XAG/USD is currently trading around $17.07 marks. It made intraday high at $17.10 and low at $17.04 levels. Intraday bias remains neutral for the moment. A daily close above $17.06 will test key resistances at $17.18, $1…
It made intraday high at $17.10 and low at $17.04 levels.
Intraday bias remains neutral for the moment.
A daily close above $17.06 will test key resistances at $17.18, $17.27, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
On the other side, a daily close below $17.06 will take the parity down towards key supports at $16.98, $16.87, $16.70, $16.52, $16.40, $16.21 and $16.10 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take long position in XAG/USD around $17.05, stop loss $16.96 and target of $17.27.
