FxWirePro: Silver falls drastically in early Asia, good to sell on rallies

• XAG/USD is currently trading around $16.56 marks.
   
• It made intraday high at $16.92 and low at $16.54 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $17.02 mark.
   
• A daily close above $17.02 will test key resistances at $17.12, $17.27, $17.40, $17.67, $17.92 and $18.22 marks respectively.
   
• On the other side, a daily close below $16.62 will take the parity down towards key supports at $16.40, $16.22, $16.04 and $15.87 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 on XAG/USD around $16.60, stop loss at $17.02 and target of $16.40/$16.22.