- XAG/USD is currently trading around $16.98 marks.
- It made intraday high at $17.03 and low at $16.87 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.37 mark.
- A daily close above $17.37 will test key resistances at $17.58, $17.87, $18.02, $18.17, $18.45, $18.76, $19.07 and $19.27 marks respectively.
- On the other side, a daily close below $16.97 will take the parity down towards key supports at $16.87, $16.72, $16.40 and $16.17 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 $17.00, stop loss at $17.12 and target of $16.40.
