FxWirePro: Silver hits fresh 7 –week low, intraday bias remains bearish

• XAG/USD is currently trading around $15.92 marks.
   
• It made intraday high at $16.20 and low at $15.88 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.11 marks. 
   
• A daily close below $15.95 will take the parity down towards key support at $15.72 marks.
   
• Alternatively, reversal from key support will take the parity higher towards key resistances at $16.05, $16.11, $16.25 and $16.45 marks respectively.
   
• Important to note here that in an hour chart, 20D, 30D and 55D EMA heads down and confirms bearish trend.
   
• Market movement will be range bound as US market will be closed in observance of Memorial Day.

We prefer to take short position in XAG/USD around $15.95, stop loss $16.11 and target $15.76 marks.