- XAG/USD is currently trading around $16.58 marks.
- It made intraday high at $16.60 and low at $16.50 levels.
- Intraday bias remains neutral till the time pair holds key resistance at $16.62 mark.
- A daily close above $16.58 will test key resistances at $16.67, $16.80, $17.02, $17.18, $17.32, $17.40, $17.68, $17.87 and $18.02 marks respectively.
- On the other side, a daily close below $16.58 will take the parity down towards key supports at $16.40, $16.17 and $16.02 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take long position on XAG/USD only above $16.67, stop loss at $16.50 and target of $16.80/$17.02.