FxWirePro: Silver stabilizes below $16.50 mark, stay bearish

• XAG/USD is currently trading around $16.44 marks.
   
• It made intraday high at $16.53 and low at $16.43 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.55 mark.
   
• A daily close above $16.49 will test key resistances at $16.60, $16.72, $16.85, $16.96, $17.23 and $17.33 marks respectively.
   
• On the other side, a daily close below $16.49 will take the parity down towards key supports at $16.28, $16.16, $16.10, $16.02, $15.84 and $15.68 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 in XAG/USD around $16.46, stop loss $16.55 and target of $16.28/$16.16.

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