FxWirePro: XAG/USD remains well supported above $16.00 mark, upside limited
XAG/USD is currently trading around $16.09 marks. It made intraday high at $16.11 and low at $15.86 levels. Intraday bias remains bullish till the time pair holds key support at $15.86 levels. A daily close above $16.08 …
It made intraday high at $16.11 and low at $15.86 levels.
Intraday bias remains bullish till the time pair holds key support at $15.86 levels.
A daily close above $16.08 will test key resistances at $16.19/$16.25/$16.32/$16.46/$16.62/$16.76 marks respectively.
On the other side, a daily close below $16.08 will take the parity down towards key supports at $15.95/$15.86/$15.74/$15.66/$15.54/$15.32/$15.01 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 go short on XAG/USD around $16.10 with stop loss at $16.28 and target of $15.86/$15.74.
