FxWirePro: XAG/USD trades in narrow range, upside limited
XAG/USD is currently trading around $16.30 marks. It made intraday high at $16.33 and low at $16.27 levels. Intraday bias remains neutral for the moment. A daily close above $16.30 will test key resistances at $16.48, $1…
It made intraday high at $16.33 and low at $16.27 levels.
Intraday bias remains neutral for the moment.
A daily close above $16.30 will test key resistances at $16.48, $16.55, $16.68, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
On the other side, a daily close below $16.30 will take the parity down towards key supports at $16.18, $16.08, $15.90 and $15.68 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 in XAG/USD around $16.32, stop loss $16.40 and target of $16.18/$15.90.
