- XAG/USD is currently trading around $17.74 marks.
- It made intraday high at $17.76 and low at $17.64 levels.
- Intraday bias remains neutral till the time pair holds key support at $17.64 mark.
- A daily close above $17.75 will test key resistances at $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
- On the other side, a daily close below $17.75 will take the parity down towards key supports at $17.64/$17.54/$17.42/$17.35/$17.26/$17.18/$17.01 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.
- Later today U.S. will release CPI as well as core CPI data (1230 GMT).
We prefer to go long on XAG/USD around $17.70 with stop loss at $17.62 and target of $17.95/$18.20.
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