- XAG/USD is currently trading around $16.06 marks.
- It made intraday high at $16.11 and low at $15.97 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.22 mark.
- A daily close above $16.02 will test key resistances at $16.15, $16.27, $16.40, $16.55, $16.65, $16.90, $17.12, $17.23, $17.33 and $17.54 marks respectively.
- On the other side, a daily close below $16.02 will take the parity down towards key supports at $15.84, $15.68, $15.47 and $15.32 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 $16.10, stop loss $16.23 and target of $15.84/$15.68.
