- XAG/USD is currently trading around $17.27 marks.
- It made intraday high at $17.58 and low at $17.25 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $17.62 mark.
- A daily close above $17.50 will test key resistances at $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 $17.50 will take the parity down towards key supports at $17.26, $17.07, $16.94 and $16.72 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 $17.30, stop loss at $17.59 and target of $17.07/$16.94.
