FxWirePro: Silver hovers around $16.60 mark, upside limited

• XAG/USD is currently trading around $16.63 marks.
   
• It made intraday high at $16.68 and low at $16.60 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.82 mark.
   
• A daily close above $16.67 will test key resistances at $16.82/$16.95/$17.08/$17.22/$17.49/$17.68/$17.72/$17.98/$18.24 marks respectively.
   
• On the other side, a daily close below $16.67 will take the parity down towards key supports at $16.52/$16.41/$16.28/$16.03 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 $16.65 with stop loss at $16.82 and target of $16.52/$16.40.