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- XAG/USD is currently trading around $16.14 marks.
- It made intraday high at $16.19 and low at $16.12 levels.
- Intraday bias remains bearish till the time pair holds key resistance at $16.29 mark.
- A daily close above $16.15 will test key resistances at $16.29/$16.42/$16.49/$16.62/$16.86/$16.98/$17.24/$17.40/$17.47/$17.63/$17.72/$17.98 marks respectively.
- On the other side, a daily close below $16.15 will take the parity down towards key supports at $16.04/$15.80/$15.66 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 go short on XAG/USD around $16.16 with stop loss at $16.32 and target of $15.80.
