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- XAG/USD is currently trading around $17.82 marks.
- It made intraday high at $17.99 and low at $17.80 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $18.32 mark.
- A daily close above $17.97 will test key resistances at $18.32, $18.76, $19.07, $19.27, $19.76, $19.98, and $20.10 marks respectively.
- On the other side, a daily close below $17.97 will take the parity down towards key supports at $17.78, $17.60 and $17.40 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 $17.85, stop loss at $18.02 and target of $17.60/$17.47.
