- XAG/USD is currently trading around $17.51 marks.
- It made intraday high at $17.67 and low at $17.50 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.82 mark.
- A daily close above $17.81 will test key resistances at $17.90, $18.08, $18.22, $18.40, $18.87, $18.98, $19.08 and $19.24 marks respectively.
- On the other side, a daily close below $17.64 will take the parity down towards key supports at $17.47, $17.32, $17.17 and $16.98 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on XAG/USD around $17.56, stop loss at $17.70 and target of $17.47/$17.32.
