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- XAG/USD is currently trading around $14.21 marks.
- It made intraday high at $14.25 and low at $14.20 levels.
- Intraday bias remains neutral till the time pair moves in stiff boundaries from $13.98 to $14.28 marks.
- A daily close above $14.23 will test key resistances at $14.47, $14.70, $14.98, $15.10, $15.32 and $15.47 marks respectively.
- On the other side, a daily close below $14.12 will take the parity down towards key supports at $13.98, $13.85, $13.68 and 13.51 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 reelase CPI as well as core CPI data at 1230 GMT.
We prefer to take long position on XAG/USD only above $14.28, stop loss $14.10 and target of $14.47.
