FxWirePro: XAG/USD rejects key support at $15.15 mark, short term trend reversal likely
XAG/USD is currently trading around $15.34 marks. It made intraday high at $15.35 and low at $15.22 levels. Intraday bias remains bullish till the time pair holds key support at $15.22 mark. A daily close above $15.28 wi…
It made intraday high at $15.35 and low at $15.22 levels.
Intraday bias remains bullish till the time pair holds key support at $15.22 mark.
A daily close above $15.28 will test key resistances at $15.40, $15.55, $15.65, $15.89, $15.96, $16.08, $16.20, $16.40 and $16.55 marks respectively.
On the other side, a daily close below $15.28 will take the parity down towards key supports at $15.15, $15.02 and $14.87 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 on XAG/USD around $15.38, stop loss $15.48 and target of $15.15.
