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FxWirePro: XAG/USD remains well supported below $17.00 mark, NFP job data in focus

  • 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.

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