FxWirePro: Silver trades flat at $16.82 mark, good to sell on rallies

• XAG/USD is currently trading around $16.80 marks.
   
• It made intraday high at $16.89 and low at $16.80 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at $16.94 mark.
   
• A daily close above $16.83 will test key resistances at $16.94, $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 $16.83 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 $16.80, stop loss at $16.94 and target of $16.57/$16.40.