FxWirePro: XAG/USD exhibits range bound movement, stay bullish only above $17.32
XAG/USD is currently trading around $17.21 marks. It made intraday high at $17.26 and low at $17.08 levels. Intraday bias remains neutral till the time pair holds key resistance at $17.32 mark. A daily close above $17.32…
It made intraday high at $17.26 and low at $17.08 levels.
Intraday bias remains neutral till the time pair holds key resistance at $17.32 mark.
A daily close above $17.32 will test key resistances at $17.32/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
On the other side, a daily close below $17.11 will take the parity down towards key supports at $17.01/$16.88/$16.72/$16.40/$16.28/$16.14 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 only above $17.32 with stop loss at $17.01 and target of $17.40/$17.63.
