- XAG/USD is currently trading around $16.42 marks.
- It made intraday high at $16.44 and low at $16.37 levels.
- Intraday bias remains neutral for the moment.
- A daily close above $16.38 will test key resistances at $16.57, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
- On the other side, a daily close below $16.38 will take the parity down towards key supports at $16.28, $16.16, $16.10, $16.02 and $15.84 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.
- Later today U.S. will release NFP job data. It will provide further directions to the parity.
We prefer to take short position on XAG/USD around $16.43, stop loss $16.57 and target of $16.16.
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