- XAG/USD is currently trading around $16.37 marks.
- It made intraday high at $16.42 and low at $16.20 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.18 mark.
- A daily close above $16.32 will test key resistances at $16.49/$16.62/$16.86/$16.98/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98/$18.22 marks respectively.
- On the other side, a daily close below $16.32 will take the parity down towards key supports at $16.18/$16.05/$15.85/$15.66 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 long on XAG/USD around $16.36 with stop loss at $16.18 and target of $16.49/$16.86/$16.99.
