- XAG/USD is currently trading around $16.82 marks.
- It made intraday high at $16.84 and low at $16.80 levels.
- Intraday bias remains slightly neutral till the time pair holds key resistance at $16.87 mark.
- A daily close above $16.83 will test key resistances at $16.87, $16.92, $16.98, $17.10, $17.22, $17.40 and $17.52 marks respectively.
- On the other side, a daily close below $16.83 will take the parity down towards key supports at $16.70, $16.55, $16.48, $16.36, $16.28, $16.15 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. Current upside movement is short term trend correction only.
We prefer to take short position in XAG/USD only below $16.80, stop loss $16.92 and target of $16.55 mark.
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