FxWirePro: XAG/USD hovers around $18.00 mark, stay bearish
XAG/USD is currently trading around $17.99 marks. It made intraday high at $18.29 and low at $17.90 levels. Intraday bias remains bearish till the time pair holds key resistance at $18.32 mark. A daily close above $18.15…
It made intraday high at $18.29 and low at $17.90 levels.
Intraday bias remains bearish till the time pair holds key resistance at $18.32 mark.
A daily close above $18.15 will test key resistances at $18.32, $18.76, $19.07, $19.27, $19.76, $19.98, and $20.10 marks respectively.
On the other side, a daily close below $18.15 will take the parity down towards key supports at $17.85, $17.60 and $17.40 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 take short position on XAG/USD around $18.05, stop loss at $18.12 and target of $17.85/$17.60.
