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- XAG/USD is currently trading around $16.99 marks.
- It made intraday high at $17.05 and low at $16.84 levels.
- Intraday bias remains bullish for the moment.
- A daily close above $16.92 will test key resistances at $17.05/$17.22/$17.36/$17.76 marks respectively.
- On the other side, a daily close below $16.92 will take the parity down towards key supports at $16.82/$16.70/$16.55/$16.42/$16.28/$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. Current upside movement is short term trend correction only.
We prefer to go long on XAG/USD around $16.96 with stop loss at $16.78 and target of $17.22/$17.36.
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