- XAG/USD is currently trading around $16.56 marks.
- It made intraday high at $16.64 and low at $16.52 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.87 mark.
- A daily close above $16.62 will test key resistances at $16.87, $17.04, $17.23, $17.40, $17.49, $16.67, $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 $16.62 will take the parity down towards key supports at $16.52, $16.40, $16.21 and $16.10 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 $16.60, stop loss $16.74 and target of $16.40/$16.32.
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