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- XAG/USD is currently trading around $17.78 marks.
- It made intraday high at $17.97 and low at $17.74 levels.
- Intraday bias remains slightly bearish for the moment.
- A daily close above $17.97 will test key resistances at $18.08, $18.32, $18.40, $18.87, $18.98, $19.08 and $19.24 marks respectively.
- On the other side, a daily close below $17.76 will take the parity down towards key supports at $17.62, $17.40 and $17.17 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 $17.80, stop loss at $18.02 and target of $17.40.
