FxWirePro: Silver trades in narrow range, faces immediate resistance at $16.68 mark

• XAG/USD is currently trading around $16.63 marks.
   
• It made intraday high at $16.67 and low at $16.60 levels.
   
• Intraday bias remains bullish till the time pair holds key support at $16.50 mark.
   
• A daily close above $16.65 will test key resistances at $16.85, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
   
• On the other side, a daily close below $16.65 will take the parity down towards key supports at $16.51, $16.40, $16.28, $16.16, $16.08, $15.90 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. Current upside movement is short term trend correctin only.

We prefer to take long position in XAG/USD  around $16.62, stop loss $16.58 and target of $16.85.

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