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FxWirePro: XAG/USD falls below $16.00 mark, intraday bias remains bearish

  • XAG/USD is currently trading around $15.89 marks.
     
  • It made intraday high at $15.97 and low at $15.85 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at $16.12 mark.
     
  • A daily close above $15.93 will test key resistances at $16.12, $16.22, $16.32, $16.40, $16.49, $16.57, $16.68, $16.90, $17.08 and $17.17 marks respectively.
     
  • On the other side, a daily close below $15.93 will take the parity down towards key supports at $15.84, $15.72, $15.59 and $15.44 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 $15.92, stop loss $16.12 and target of $15.68 mark.

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