- XAG/USD is currently trading around $16.60 marks.
- It made intraday high at $16.63 and low at $16.50 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.52 mark.
- A daily close above $16.52 will test key resistances at $16.72, $16.95, $17.08, $17.22, $17.40 and $17.52 marks respectively.
- On the other side, a daily close below $16.52 will take the parity down towards key supports at $16.38, $16.22, $15.90 and $15.68 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 $16.62, stop loss $16.72 and target of $16.32.
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