FxWirePro: Silver recovers from fresh 5-month low against U.S. dollar, upside limited

• XAG/USD is currently trading around $16.95 marks.
   
• It made intraday high at $17.08 and low at $16.85 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $16.85 marks. 
   
• A daily close above $17.22 will test key resistances at $17.45/$17.82/$18.25/$18.48/$18.99/$19.29/$19.52/$19.72 marks respectively.
   
• A daily close below $16.85 will take the parity down towards key supports at $16.62/$16.33/$15.93 marks respectively.

We prefer to go short on XAG/USD only below $16.85 with stop loss at $17.22 and target of $16.60/$16.33.