- XAG/USD is currently trading around $17.28 marks.
- It made intraday high at $17.34 and low at $17.08 levels.
- Intraday bias remains bullish till the time pair holds key support at $16.88 marks.
- A daily close below $17.00 will take the parity down towards key support at $16.88, $16.76, $16.63 and $16.32 marks respectively.
- On the other side, a sustained close above $17.32 tests key resistances at $17.45, $17.52 and $17.80 marks respectively.
- Important to note here that in a daily chart, 20D, 30D and 55D EMA heads up and confirms bullish trend. Current downside movement is short term trend correction only.
We prefer to take long position in XAG/USD only above $17.35, stop loss $17.22 and target $17.52/ $17.80 marks.
The material has been provided by InstaForex Company – www.instaforex.com