- XAG/USD is currently trading around $16.98 marks.
- It made intraday high at $17.01 and low at $16.91 levels.
- Intraday bias remains neutral till the time pair holds key resistance at $17.03 mark.
- A daily close above $16.94 will test key resistances at $17.04, $17.12, $17.23, $17.36, $17.44, $17.49, $17.60, $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 $16.94 will take the parity down towards key supports at $16.87, $16.80, $16.72, $16.58, $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 $17.00, stop loss $17.07 and target of $16.87/$16.80/$16.68 mark.
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