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- XAG/USD is currently trading around $16.14 marks.
- It made intraday high at $16.16 and low at $16.06 levels.
- Intraday bias remains bullish till the time pair holds key support at $15.92 mark.
- A daily close above $16.08 will test key resistances at $16.22/$16.32/$16.40/$16.58/$16.72/$16.88/$17.00/$17.08/$17.22/$17.49/$17.68 marks respectively.
- On the other side, a daily close below $16.08 will take the parity down towards key supports at $15.92/$15.67/$15.42/$15.24/$15.16/$15.04/$14.90/$14.82/$14.74 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 $16.12 with stop loss at $15.92 and target of $16.22/$16.32.
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