FxWirePro: XAG/USD trades in narrow range, upside limited
XAG/USD is currently trading around $16.61 marks. It made intraday high at $16.68 and low at $16.57 levels. Intraday bias remains neutral till the time pair holds key support at $16.58 mark. A daily close above $16.59 wi…
It made intraday high at $16.68 and low at $16.57 levels.
Intraday bias remains neutral till the time pair holds key support at $16.58 mark.
A daily close above $16.59 will test key resistances at $16.77/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
On the other side, a daily close below $16.59 will take the parity down towards key supports at $16.51/$16.42/$16.34/$16.27/$16.14/$16.03 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 go short on XAG/USD around $16.62 with stop loss at $16.77 and target of $16.51/$16.34.
