FxWirePro: Silver moves in stiff boundaries, stay bearish only below $16.84 mark

• XAG/USD is currently trading around $16.88 marks.
   
• It made intraday high at $16.97 and low at $16.84 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 $17.08, $17.22, $17.40, $17.68, $17.87 and $18.02 marks respectively.
   
• On the other side, a daily close below $16.84 will take the parity down towards key supports at $16.74, $16.57, $16.40, $16.17 and $16.02 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 only below $16.84, stop loss at $17.02 and target of $16.74/16.57.