FxWirePro: XAG/USD moves in stiff boundaries, stay bullish only above $14.32 mark
XAG/USD is currently trading around $14.29 marks. It made intraday high at $14.31 and low at $14.24 levels. Intraday bias remains neutral till the time pair holds key resistance at $14.32 mark. A daily close above $14.27…
It made intraday high at $14.31 and low at $14.24 levels.
Intraday bias remains neutral till the time pair holds key resistance at $14.32 mark.
A daily close above $14.27 will test key resistances at $14.40, $14.57, $14.72, $14.78, $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.27 will take the parity down towards key supports at $14.07, $13.90, $13.82, $13.68 and 13.51 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 long position on XAG/USD only above $14.32, stop loss $14.20 and target of $14.57.
