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- XAG/USD is currently trading around $20.35 marks.
- It made intraday high at $20.36 and low at $20.29 levels.
- Intraday bias remains neutral till the time pair holds key resistance at $20.66 levels.
- A daily close above $20.32 will test key resistances at $20.45, $20.67, $20.78, $21.09 and $21.46 marks respectively.
- On the other side, a daily close below $20.03 will take the parity down towards key supports at $19.88, $19.78, $19.41, $19.28, $19.17, 19.12, $19.09, $18.87 and $18.68 marks respectively.
- Important to note here that in a daily chart 20D, 30D and 55D EMA heads up and confirms the bullish trend.
- The main event for the day is U.S. NFP job data. The consensus forecast is for 180,000 gains in jobs and a slight fall in the unemployment rate, from 4.9% to 4.8%.
We prefer to take short position in XAG/USD around $20.46-$20.48 with stop loss at $20.66 and target of $20.32/$20.03/ $19.78.
