FxWirePro: Silver trades flat $16.60 mark, stay bullish only above $16.62 mark

• XAG/USD is currently trading around $16.58 marks.
   
• It made intraday high at $16.60 and low at $16.50 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at $16.62 mark.
   
• A daily close above $16.62 will test key resistances at $16.80, $17.02, $17.18, $17.32, $17.40, $17.68, $17.87 and $18.02 marks respectively.
   
• On the other side, a daily close below $16.54 will take the parity down towards key supports at $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 long position on XAG/USD only above $16.62, stop loss at $16.48 and target of $16.80/$17.02.