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- XAG/USD is currently trading around $16.55 marks.
- It made intraday high at $16.65 and low at $16.53 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.70 levels.
- A daily close above $16.56 will test key resistances at $16.76/$16.92/$17.08 marks respectively.
- On the other side, a daily close below $16.56 will take the parity down towards key supports at $16.37/$16.20/$16.05/$15.95/$15.86/$15.74/$15.66/$15.54/$15.32/$15.01 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.
- Later today U.S. will release NFP job data.
We prefer to go short on XAG/USD around $16.58 with stop loss at $16.70 and target of $16.37/$16.23/$16.02.
