- XAG/USD is currently trading around $16.88 marks.
- It made intraday high at $16.95 and low at $16.85 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.27 mark.
- A daily close above $16.93 will test key resistances at $17.05/$17.27/$17.35/$17.52/$17.62/$17.76/$17.96/$18.01/$18.22/$18.48/$18.88 marks respectively.
- On the other side, a daily close below $16.93 will take the parity down towards key supports at $16.75/$16.68/$16.48/$16.32 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.
We prefer to go short on XAG/USD around $16.90 with stop loss at $17.27 and target of $16.68/$16.48.
