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FxWirePro: XAG/USD stabilizes above $14.50 mark, stay bullish

  • XAG/USD is currently trading around $14.54 marks.
     
  • It made intraday high at $14.59 and low at $14.53 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $14.40 mark.
     
  • A daily close above $14.57 will test key resistances at $14.68, $14.85, $14.97, $15.09, $15.22, $15.32 and $15.40 marks respectively.
     
  • On the other side, a daily close below $14.42 will take the parity down towards key supports at $14.28, $14.22, $14.12 and $13.98 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 take long position on XAG/USD around $14.50, stop loss at $14.45 and target of $14.68.

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