- XAG/USD is currently trading around $16.13 marks.
- It made intraday high at $16.20 and low at $16.02 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.32 mark.
- A daily close above $16.05 will test key resistances at $16.22/$16.32/$16.40/$16.58/$16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
- On the other side, a daily close below $16.05 will take the parity down towards key supports at $15.86/$15.69/$15.50 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 short on XAG/USD around $16.20 with stop loss at $16.32 and target of $15.86/$15.77.
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