- XAG/USD is currently trading around $16.80 marks.
- It made intraday high at $17.60 and low at $16.56 levels.
- Intraday bias remains bearish for the moment.
- A daily close above $16.92 will test key resistances at $17.67, $17.92 and $18.22 marks respectively.
- On the other side, a daily close below $16.67 will take the parity down towards key supports at $16.40, $16.22, $16.02 and $15.87 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 $16.92, stop loss at $16.55 and target of $17.22/$17.60.