FxWirePro: XAG/USD fails to find support below $15.70 mark, short term trend reversal likely
XAG/USD is currently trading around $15.85 marks. It made intraday high at $15.86 and low at $15.71 levels. Intraday bias remains bullish till the time pair holds key support at $15.72 mark. A daily close above $15.82 wi…
It made intraday high at $15.86 and low at $15.71 levels.
Intraday bias remains bullish till the time pair holds key support at $15.72 mark.
A daily close above $15.82 will test key resistances at $15.87, $15.98, $16.12, $16.22, $16.32, $16.40, $16.49 and $16.57 marks respectively.
On the other side, a daily close below $15.82 will take the parity down towards key supports at $15.62, $15.44, $15.28 and $15.18 marks respectively
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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 take short position in XAG/USD around $15.86, stop loss $15.98 and target of $15.62 mark.
