FxWirePro: XAG/USD trades in narrow range, stay bearish
XAG/USD is currently trading around $14.38 marks. It made intraday high at $14.42 and low at $14.33 levels. Intraday bias remains neutral till the time pair holds key support at $14.32 mark. A daily close above $14.34 wi…
It made intraday high at $14.42 and low at $14.33 levels.
Intraday bias remains neutral till the time pair holds key support at $14.32 mark.
A daily close above $14.34 will test key resistances at $14.42, $14.65, $14.82, $14.98, $15.10, $15.32 and $15.47 marks respectively.
On the other side, a daily close below $14.34 will take the parity down towards key supports at $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.
We prefer to take short position on XAG/USD around $14.40, stop loss $14.45 and target of $14.22/$14.07.
