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FxWirePro: XAG/USD moves in stiff boundaries, further sideways movement likely

  • XAG/USD is currently trading around $17.43 marks.
     
  • It made intraday high at $17.55 and low at $17.40 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at $17.32 mark.
     
  • A daily close above $17.72 will test key resistances at $17.87, $18.02, $18.17, $18.45, $18.76, $19.07 and $19.27 marks respectively.
     
  • On the other side, a daily close below $17.32 will take the parity down towards key supports at $17.17, $16.97, $16.72, $16.40 and $16.17 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position on XAG/USD only below $17.40, stop loss at $17.57 and target of $17.17/$16.97.

By Aarti Panchal
  • Market Data
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