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FxWirePro: XAG/USD trades flat ahead of U.S. ADP job data, ISM non-manufacturing PMI data

  • XAG/USD is currently trading around $16.04 marks.
     
  • It made intraday high at $16.08 and low at $15.99 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $16.22 mark.
     
  • A daily close above $16.05 will test key resistances at $16.22/$16.32/$16.40/$16.58/$16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
     
  • On the other side, a daily close below $16.05 will take the parity down towards key supports at $15.86/$15.69/$15.50 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 go short on XAG/USD around $16.05 with stop loss at $16.22 and target of $15.86/$15.77/$15.69.

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