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- XAG/USD is currently trading around $17.92 marks.
- It made intraday high at $18.00 and low at $17.87 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $18.12 mark.
- A daily close above $17.94 will test key resistances at $18.12/$18.26/$18.47 marks respectively.
- On the other side, a daily close below $17.94 will take the parity down towards key supports at $17.78/$17.51/$17.44/$17.38/$17.22/$17.06/$16.99/$16.85/$16.70 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 $17.95, stop loss at $18.12 and target of $17.78/$17.62.
