FxWirePro: XAG/USD moves in stiff boundaries, downside limited
XAG/USD is currently trading around $16.43 marks. It made intraday high at $16.50 and low at $16.41 levels. Intraday bias remains neutral till the time pair holds key resistance at $16.47 mark. A daily close above $16.47…
It made intraday high at $16.50 and low at $16.41 levels.
Intraday bias remains neutral till the time pair holds key resistance at $16.47 mark.
A daily close above $16.47 will test key resistances at $16.55, $16.68, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.28, $16.16, $16.08, $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.
We prefer to take long position in XAG/USD around $16.38, stop loss $16.27 and target of $16.72.
