FxWirePro: Silver remains well supported below $17.00 mark, sustained close below $16.74 requires for downside rally

• XAG/USD is currently trading around $16.82 marks.
   
• It made intraday high at $17.00 and low at $16.75 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 $16.74 will take the parity down towards key supports at $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 $16.75, stop loss at $17.02 and target of $16.57/16.40.