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FxWirePro: XAG/USD hits fresh 5 – week low at $17.33 mark in early Asia, sustained close above $17.54 requires for trend reversal

  • XAG/USD is currently trading around $17.49 marks.
     
  • It made intraday high at $17.53 and low at $17.33 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance $17.54 mark.
     
  • A daily close above $17.54 will test key resistances at $17.78, $18.02, $18.22, $18.40, $18.87, $18.98, $19.08 and $19.24 marks respectively.
     
  • On the other side, a daily close below $17.47 will take the parity down towards key supports at $17.32, $17.17 and $16.98 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on XAG/USD only above $17.54, stop loss at $17.32 and target of $17.78/$18.02.

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