FxWirePro: XAG/USD trades in narrow range, downside limited
XAG/USD is currently trading around $14.60 marks. It made intraday high at $14.66 and low at $14.52 levels. Intraday bias remains slightly bullish till the time pair holds key support at $14.52 mark. A daily close above …
It made intraday high at $14.66 and low at $14.52 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $14.52 mark.
A daily close above $14.62 will test key resistances at $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.62 will take the parity down towards key supports at $14.42, $14.22, $14.07, $13.90, $13.82, $13.68 and 13.51 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position on XAG/USD around 14.58, stop loss $14.47 and target of $14.70/$14.98.
