FxWirePro: XAG/USD fails to find support above $14.40 mark, good to sell on rallies
XAG/USD is currently trading around $14.20 marks. It made intraday high at $14.27 and low at $14.17 levels. Intraday bias remains bearish till the time pair holds key resistance at $14.27 mark. A daily close above $14.27…
It made intraday high at $14.27 and low at $14.17 levels.
Intraday bias remains bearish till the time pair holds key resistance at $14.27 mark.
A daily close above $14.27 will test key resistances at $14.42, $14.49, $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.27 will take the parity down towards key supports at $14.22, $14.07, $13.90, $13.82, $13.68 and 13.51 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 short position on XAG/USD around 14.22, stop loss $14.32 and target of $14.07/$13.90.
