FxWirePro: Go Long on XAG/USD at $17.22 With Stop Loss at $17.09 and Target of $17.46
- XAG/USD is currently trading around $17.24 marks.
- It made intraday high at $17.25 and low at $17.08 levels.
- Intraday bias remains bullish till the time pair holds key support at $17.09 marks.
- On the top side, key resistance is seen at $17.32. A sustained close above it will take the parity up towards $17.46 (May 09, 2016 high) and $17.55 (May 11, high) levels respectively.
- Alternatively, a daily close below $17.09 will drag the parity down around $16.97/$16.88 (20D, 30D and 55D EMA cross over) /$16.85 levels respectively.
- Later today, U.S. will release CPI data. This will provide further direction to the parity.
We prefer to take long position in XAG/USD around $17.22, stop loss $17.09 and target $17.46 marks.