FxWirePro: XAG/USD remains well supported above $17.50 mark, consistent close above $17.94 requires for upside rally

• XAG/USD is currently trading around $17.74 marks.
   
• It made intraday high at $17.83 and low at $17.68 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $17.58 mark.
   
• A daily close above $17.76 will test key resistances at $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively
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• On the other side, a daily close below $17.76 will take the parity down towards key supports at $17.64/$17.58/$17.48/$17.40/$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.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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