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- XAG/USD is currently trading around $16.62 marks.
- It made intraday high at $16.62 and low at $16.50 levels.
- Intraday bias remains bullish for the moment.
- A daily close above $16.55 will test key resistances at $16.66/$16.75/$16.95/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
- On the other side, a daily close below $16.55 will take the parity down towards key supports at $16.42/$16.34/$16.27/$16.03 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 go long on XAG/USD around $16.58 with stop loss at $16.40 and target of $16.82.
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