- XAG/USD is currently trading around $18.09 marks.
- It made intraday high at $18.22 and low at $17.94 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $18.32 mark.
- A daily close above $17.94 will test key resistances at $18.32, $18.76, $19.07, $19.27, $19.76, $19.98, and $20.10 marks respectively.
- On the other side, a daily close below $17.94 will take the parity down towards key supports at $17.76, $17.60 and $17.40 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on XAG/USD around $18.10, stop loss at $18.24 and target of $17.94/$17.76.