FxWirePro: XAG/USD hovers around $16.50 mark, stay bullish only above $16.55
XAG/USD is currently trading around $16.48 marks. It made intraday high at $16.54 and low at $16.46 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $16.57 mark. A daily close abo…
It made intraday high at $16.54 and low at $16.46 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $16.57 mark.
A daily close above $16.55 will test key resistances at $16.75, $16.90, $17.10, $17.22, $17.40 and $17.52 marks respectively.
On the other side, a daily close below $16.55 will take the parity down towards key supports at $16.36, $16.28, $16.15, $16.02, $15.92, $15.80 and $15.62 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 take short position in XAG/USD around $16.50, stop loss $16.60 and target of $16.36/$16.28 mark.
