FxWirePro: XAG/USD hovers around $16.00 mark, bias remains bullish
XAG/USD is currently trading around $16.01 marks. It made intraday high at $16.05 and low at $15.90 levels. Intraday bias remains bullish till the time pair holds key support at $15.66 levels. A daily close above $15.92 …
It made intraday high at $16.05 and low at $15.90 levels.
Intraday bias remains bullish till the time pair holds key support at $15.66 levels.
A daily close above $15.92 will test key resistances at $16.08/$16.19/$16.25/$16.32/$16.46/$16.62/$16.76 marks respectively.
On the other side, a daily close below $15.92 will take the parity down towards key supports at $15.82/$15.74/$15.66/$15.54/$15.32/$15.01 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 $15.98 with stop loss at $15.69 and target of $16.11/$16.32.
