FxWirePro: XAG/USD hits fresh 3-week low at $17.66, stay bearish
XAG/USD is currently trading around $17.75 marks. It made intraday high at $17.83 and low at $17.71 levels. Intraday bias remains bearish till the time pair holds key resistance at $18.01 mark. A daily close above $17.73…
It made intraday high at $17.83 and low at $17.71 levels.
Intraday bias remains bearish till the time pair holds key resistance at $18.01 mark.
A daily close above $17.73 will test key resistances at $18.01/$18.22/$18.48/$18.88 marks respectively.
On the other side, a daily close below $17.73 will take the parity down towards key supports at $17.51/$17.44/$17.38/$17.22 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on XAG/USD around $17.78, stop loss at $18.01 and target of $17.51/$17.38.
