- XAG/USD is currently trading around $16.40 marks.
- It made intraday high at $16.44 and low at $16.38 levels.
- Intraday bias remains bearish for the moment.
- A daily close above $16.41 will test key resistances at $16.49, $16.57, $16.68, $16.90, $17.08, $17.17, $17.22, $17.36, $17.44, $17.49, $17.60 and $17.82 marks respectively.
- On the other side, a daily close below $16.41 will take the parity down towards key supports at $16.28, $16.21, $16.10 and $15.99 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in XAG/USD around $16.42, stop loss $16.57 and target of $16.10 mark.
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