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- XAG/USD is currently trading around $16.71 marks.
- It made intraday high at $16.71 and low at $16.62 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.60 mark.
- A daily close above $16.65 will test key resistances at $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
- On the other side, a daily close below $16.65 will take the parity down towards key supports at $16.42, $16.34, $16.27, $16.16, $16.10, $16.02 and $15.84 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 $16.68, stop loss $16.60 and target of $16.96.
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