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- XAG/USD is currently trading around $16.89 marks.
- It made intraday high at $17.12 and low at $16.82 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.55 mark.
- A daily close above $16.84 will test key resistances at $16.93/$17.12/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
- On the other side, a daily close below $16.84 will take the parity down towards key supports at $16.52/$16.40/$16.28/$16.14/$16.04/$15.80/$15.66 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 go long on XAG/USD around $16.87 with stop loss at $16.52 and target of $17.12/$17.24.
