FxWirePro: XAG/USD remains well supported below $17.00 mark, upside limited
XAG/USD is currently trading around $16.96 marks. It made intraday high at $17.00 and low at $16.89 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $17.02 mark. A daily close abo…
It made intraday high at $17.00 and low at $16.89 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $17.02 mark.
A daily close above $17.02 will test key resistances at $17.10, $17.27, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
On the other side, a daily close below $17.02 will take the parity down towards key supports at $16.87, $16.70, $16.52, $16.40, $16.21 and $16.10 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in XAG/USD around $16.98, stop loss $17.11 and target of $16.87/$16.70.
