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- XAG/USD is currently trading around $16.95 marks.
- It made intraday high at $16.99 and low at $16.88 levels.
- Intraday bias remains neutral till the time pair holds key support at $16.88 mark.
- A daily close above $16.98 will test key resistances at $17.08, $17.20, $17.37, $17.44, $17.49, $17.60, $17.82, $17.95, $18.12, $18.24, $18.39, $18.52 and $18.63 marks respectively.
- On the other side, a daily close below $16.98 will take the parity down towards key supports at $16.88, $16.70, $16.52, $16.40, $16.21 and $16.10 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in XAG/USD only below $16.88, stop loss $17.08 and target of $16.70/$16.57.
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