- XAG/USD is currently trading around $17.75 marks.
- It made intraday high at $17.80 and low at $17.70 levels.
- Intraday bias remains neutral till the time pair holds key resistance at $17.75 mark.
- A daily close above $17.75 will test key resistances at $17.85/$17.99/$18.12/$18.26/$18.47 marks respectively.
- On the other side, a daily close below $17.75 will take the parity down towards key supports at $17.61/$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 $17.76 with stop loss at $17.84 and target of $17.54.
