FxWirePro: XAG/USD trades in narrow range, short term trend reversal likely
XAG/USD is currently trading around $14.83 marks. It made intraday high at $14.84 and low at $14.77 levels. Intraday bias remains slightly bullish till the time pair holds key support at $14.72 mark. A daily close above …
It made intraday high at $14.84 and low at $14.77 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $14.72 mark.
A daily close above $14.82 will test key resistances at $14.98, $15.09, $15.22, $15.32 and $15.40 marks respectively.
On the other side, a daily close below $14.82 will take the parity down towards key supports at $14.68, $14.52 and $14.40 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 $14.82, stop loss at $14.75 and target of $14.94/$15.02.
